Can someone explain this sale below. First time I have seen this, and I don't understand what happened here. The stock is trading in the post market at $11.90 with normal volume for that time of day, and this one sale comes across for 38,886,200 shares at $11.72. It didn't affect anything. Is this some sort of ECN balancing or something?

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  • 1
    Are you sure the volume is in thousands?
    – nanoman
    Apr 9 '20 at 4:56
  • My bad. I meant 100s. It should be 38,886,200 shares. One too many zeros.
    – Bernesto
    Apr 9 '20 at 20:25

The most basic explanation is that there was a buyer for that many shares when there was a seller for that many shares. When that occurs, price does not change.

A more likely explanation is that it was a cross trade:

A cross trade also occurs legitimately when a broker executes matched buy and a sell orders for the same security across different client accounts and reports them on an exchange. For example, if one client wants to sell and another wants to buy, the broker could match those two orders without sending the orders to the stock exchange to be filled but filling them as a cross trade and then reporting the transactions after the fact but in a timely manner and time-stamped with the time and price of the cross. These types of cross trades must also be executed at a price that corresponds to the prevailing market price at the time.

  • That is what I would think normally, except for the trade amount. This trade would have equalled $4.5b. The equity was Norwegian Cruise Lines. The Saudi Sovereign Fund bought 43.5m shares of Carnival and that made headlines. It seems kind of improbable that someone bought these.
    – Bernesto
    Apr 9 '20 at 4:29
  • If it showed up on the ticker then the trade was made and someone bought the shares. Apr 9 '20 at 4:36
  • Could be. There was an error above, I had an extra zero. It was $455m.
    – Bernesto
    Apr 9 '20 at 20:27

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