Chasing block trading volume of trades of more than 10,000 or 100,000 shares and higher on a single trade has become almost alchemy in the new world of online trading in equities. Many funds and traders no longer have large block trades because via pools and exchanges they can get VWAP trades that generate the same trade result as a block and then it can be converted via the virtual weighted average price. Seeing block trades of 750,000 shares has become quite rare. But in Google Inc. (NASDAQ: GOOG)??? Almost unheard of any longer.
At 15:28:02 today there was a trade of 750,000 shares of GOOG at $545.15 on the CSE rather than on NASDAQ. The bid/ask at the time was approximately $545.20 / $545.53. As with all actual trades, the actual trade time can differ from the reported trade time. Many after-hours trades or pre-market trades are the evidence of that. This one was close enough to the bid/ask spread that it was likely not too far off on the time.
But here is the issue. Almost all trades listed on NASDAQ under GOOG are in 100 share lots to 500 share lots. After all, 100 shares is $54,500 or so at that price. The 750,000 share block was $408,862,500.00…..
Generally when you see trades this size, it is because someone wants to advertise their trade. A big trade indeed.
JON C. OGG