Wall Street traders are looking for sources of sad stock sales on Friday, which helped stop the sell-off, with Chinese technology companies like Viacom CBS and U.S. media groups valued at $ 33 billion.
The sale of the shares, at about 19 19 billion, proved a mystery with the rapid spread of rumors that a hedge fund or family office had been blown up and a few billion dollars of its location taken away by the sea. Businesses are turning Wall Street into one more turbulent year, with big shifts captivating honorable funds in the wrong move.
Goldman Sachs’ email outbursts about the sale of the fire before the start of the business day hit the block’s id..6 billion dollar stock of Baidu, Tencent Music and Whipshop. The Wall Street Investment Bank told counterparts that the sale was asked to be “forcibly deleted,” a signal that was caught on the side of any fund and could hit with a margin call, according to people with knowledge of the matter. Goldman has compromised these deals several times, they said.
Money managers assumed that these sales were concentrated in Chinese technology groups listed in the U.S. The new move by the Securities and Exchange Commission under former U.S. President Donald Trump could be listed on U.S. exchanges.
But when large blocks of stock arrive, stock sales aren’t just limited to Chinese groups, speculation spreads on Wall Street. Some fund managers have taken fire sales, meaning any large hedge fund or family office was in trouble.
Throughout the day, Goldman and his mid-city rival Morgan Stanley exchanged phone calls as they tried to remove billions of dollars worth of shares. In addition to the discovery of a U.S. company, online retailers Shopify and Farfach were placed in this block of billions of dollars.
The sale was implemented in five blocks, as Goldman Trading started trading with .. 6 billion worth of shares, followed by another ৩ 2.3 billion in the afternoon and াক 1.7 billion in ViacomCBS shares.
Morgan Stanley sold $ 4bn worth of shares earlier in the day, followed by another bn 4bn batch in the afternoon. Two sources familiar with the process said the bank initially allowed investors to choose their allocation for individual stocks, but later moved on to the “all-or-nothing” offer where traders would buy a whole basket of securities, two sources familiar with the process said.
The pain was nowhere near as intense as shares of Viacom CBS as the owner of MTV and Nickelodeon’s pricing on Friday alone wiped out more than 11 11 billion.
By the end of the week, the company’s share price had halved. While news agencies have hinted at analyzing the downgrades of investment banks such as Wells Fargo and Moffat Nathanson, traders believe the catalyst was something else.
On Monday, shares of the company closed at an all-time high and the television group alone raised nearly 3 3 billion to ease its business to Morgan Stanley and JP Morgan Chase.
From the moment the press release hit the wire, Viacom CBS stocks have started to decline. Shares fell 9 percent on Tuesday before falling another 23 percent on Wednesday. The denials were eye-popping for the sale of shares.
“I don’t think anyone saw the start of such a business,” one banker briefed on the deal, adding that in the end it was “probably too big” to raise capital.
A source said they were informed of the downturns that began after Viacom raised its CBS capital, hitting a family office hard, forcing its positions to be revealed, while secondly Morgan Stanley confirmed that at least some businesses had the same vendor.
However, the question has arisen as to whether more than one fund or family office is involved in this business.
This follows an unusual and somewhat unspoken three-month trading on ViacomCBS and Discovery stocks. Shares of the companies rallied 1 and 6 and 148 percent, respectively, between the beginning of the year and the end of Monday. They were the top two performing stocks in the S&P 500, more than double the next best performing stock.
Morgan Stanley, Goldman Sachs and Viacom CBS declined to comment.