What just happened here?
Great Lakes Dredge and Dock (GLDD)
6 January 2010. Santa Claus apparently just came to the Great Lakes. I have just three positions in my portfolio right now, two short and one long. Nothing much has been happening with any of them, so after checking in at the opening of the market I went about other business. When I looked back in at mid-morning, Great Lakes Dredge and Dock (GLDD), one of my short positions, had taken off like a rocket at 12:30pm eastern time (9:30am PT). Straight up 10% in the space of minutes, from $6.54 to $7.18.
GLDD soared at 12:30pm ET
Lots of news about CK Restaurants (Carl's Jr, et al), but none about GLDD
It's now almost four hours later, and still no news has come across the wire. Not even a Google news search turned anything up. The only tenuous lead I could find is that Corp of Engineers had rejected the bid on a dredging project by one of GLDD's competitors, but there was no mention in the story of GLDD.
I hate when this happens — you know that when the price jumps 10% at the same time volume jumps 500% something has happened. In the absence of any public news, my guess is that somebody whispered some insider information to somebody else....
The good news, for me at least, is that the price didn't hold; it continued to drop until the end of the session, although it still ended the day up 4%.