Monster volume on down Gaylord day
Posted on September 24, 2009 at 12:24 pm
Shares of Gaylord Entertainment are down big for a second day in a row following the company’s announcement of a big capital raise. After falling more than 14 percent yesterday — a drop that erased the previous five days’ gains — Gaylord (Ticker: GET) is giving up another 6 percent.
The difference with yesterday is in the massive number of shares changing hands today: By noon, investors had traded almost 7.4 million shares, a whopping 20 times the stock’s daily average. Shares coming in as part of the offering are likely a big part of the story, but there’s a good chance short sellers are having their way, too. Yesterday, they accounted for about 80 percent Gaylord’s volume, according to one market watcher.
UPDATE at 3: 41 p.m.: Gaylord Thursday volume ending up totaling almost 12 million. The stock recovered slightly during late regular trading, but is giving up another 3 percent after hours and is now trading at $20.08.
