Based on its recent disclosure, Petron Corporation employees’ retirement plan is selling 695,000,000 shares at 11 pesos. They’ll be using UBS, Standard Chartered (?), and Credit Suisse. 311 and 333 were big sellers for the day. I don’t know the exact amount they sold but total number of shares that exchanged hands today was 94M. I guess it would be safe to assume that there is still at least 601M shares more to be sold. Yikes!
I’ve heard complaints about PCOR today. The disclosure said the shares will be sold at 11 pesos. However, PCOR has not yet reached this level. So, why are they starting to sell already? After hearing this, I jokingly replied: “They will be selling at an AVERAGE of 11 pesos. So, they started at 12.80. They can still sell to as low as 9.2 and still land an average of 11!” LOL!
PCOR is the first stock to breakdown. I wonder, are many more just waiting to follow? 😛 Remember, we are closer to the highs than lows. I’m sure that a lot of short-term traders are fidgety right now because honestly, even I can’t feel the gains that the index is enjoying. We actually had a small sell off today and it doesn’t help when you see a flash of red in the ticker c/o PCOR. Herd behavior, anyone? You only need one match to light a fire.