Trüffelschwein
31.01.2002, 03:24
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MIM Corp shares fall after "trading error"
WEDNESDAY, JANUARY 30, 2002 2:23 PM
- Reuters U.S. Company News
NEW YORK, Jan 30 (Reuters) - Shares of pharmacy benefits manager MIM Corp. (MIMS) fell more than 8 percent Wednesday from heavy selling pressure and from a clerical error at a market maker, traders and an analyst said.
A trader who declined to be named said a large seller had weighed down the stock, which fell $1.70, or 8.3 percent, to $18.70 on more than 2.3 million shares traded on the Nasdaq market.
A clerical error by one of the market makers, however, exacerbated the selling, pushing the stock as low as $15.52 during the session, Charlie Strauzer, managing director at CJ Securities, and two traders said.
"Once people realized it was a trading error, the stock moved back up," Strauzer said.
The market maker responsible for the error could not immediately be determined.
Barry Posner, a spokesman for MIM, said he could not explain the trading activity.
"Things at the company are going according to our plans and Street forecasts," Posner said.
Trading volume of MIM Corp. topped 2.3 million in afternoon trading, its highest volume since August 2001.
REUTERS
Rtr 14:23 01-30-02
MIM Corp shares fall after "trading error"
WEDNESDAY, JANUARY 30, 2002 2:23 PM
- Reuters U.S. Company News
NEW YORK, Jan 30 (Reuters) - Shares of pharmacy benefits manager MIM Corp. (MIMS) fell more than 8 percent Wednesday from heavy selling pressure and from a clerical error at a market maker, traders and an analyst said.
A trader who declined to be named said a large seller had weighed down the stock, which fell $1.70, or 8.3 percent, to $18.70 on more than 2.3 million shares traded on the Nasdaq market.
A clerical error by one of the market makers, however, exacerbated the selling, pushing the stock as low as $15.52 during the session, Charlie Strauzer, managing director at CJ Securities, and two traders said.
"Once people realized it was a trading error, the stock moved back up," Strauzer said.
The market maker responsible for the error could not immediately be determined.
Barry Posner, a spokesman for MIM, said he could not explain the trading activity.
"Things at the company are going according to our plans and Street forecasts," Posner said.
Trading volume of MIM Corp. topped 2.3 million in afternoon trading, its highest volume since August 2001.
REUTERS
Rtr 14:23 01-30-02