Mattel shares drop sharply premarket, then recover
Mattel Inc sharesabruptly fell nearly 22 percent in premarket trading Fridayfor unclear reasons before recovering an hour later.
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#1 Sep 3, 2010
If the numbers stick, Mattel may now have a new 52 week low out of this strange and sudden drop in stock price during premarket trading. It will be very interesting to know if the premarket trades were real or if a computer hacker simulated the buy and sell orders.
Mattel seems to have a healthy and growing membership in the "Mattel Haters Club" lately, ranging from those who can't get over the toy recalls, the Bratz copyright infringe lawsuit to the "SAYS" copyright lawsuit. Makes you wonder if individuals can stage a stunt where they are able to force the price of a stock down hoping that others will follow. So much for conspiracies.
Apparently all that was needed to cause the Mattel stock to drop to $16.98 per share was 23 trades and a total of 8,000 shares traded, it is hard to believe that someone with less that $150,000 could have caused this 5 second precipitous price drop. If it was just a hacker, that would be a scary thought.
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