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What happened to Legg Mason...

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June 25, 2009 – Comments (2) | RELATED TICKERS: LM

Today, I wrapped up my yard work around noon today, checked the market and was surprised to see Legg Mason on the move.  It was up as high as $26.74 (a whole $2.26 above its previous close).  The only news release I could find indicated a rating change from sell to hold.  I figured, bizarre, but weirder things have been happening in the market these days.  So, I packed up the family and headed to the water park.  Grew a little bored and decided to check the market from my handy dandy new phone (Blackberry Storm).  In the span of about five minutes after I decided that the movement in LM was weird, there was a major sell off of LM.  Probably some major investor unwinding a position.  BUT I could not find a catalyst for the upward movement, let alone the massive sell off that brought LM back down.

Anyone out there who follows LM or knows more about this stuff than I do, have an idea or information on the big movement up and then down around noon today? 

2 Comments – Post Your Own

#1) On June 25, 2009 at 5:14 PM, bcnu6 (29.90) wrote:

http://news.moneycentral.msn.com/ticker/article.aspx?Feed=AP&Date=20090625&ID=10065596&Symbol=LM

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#2) On June 25, 2009 at 5:40 PM, MikeBobulinski (< 20) wrote:

Guess that answers my question and guess I wasn't looking in the right places for information.  Thank you.

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