Goldman’s stock was trading at $140.15 at 3:26 PM today.
It moved more than 4 points in the next ten minutes.
I got wind that the settlement announcement was set for 4:45 PM at around 4:00 PM. I pinged a journalist at a major financial media outlet to find out whether there had been an announcement to the media earlier. His impression was also that the news had hit the wires at 4:00 PM (thus presumably intended for the close of trading).
So….it’s insider trading only if you are an insider…but who let the cat out of the bag at 3:30 PM, and were they an insider? This sort of thing happens all the time, but it’s particularly brazen when it involves and SEC announcement. But how likely is it that the SEC will turn over this rock to see what crawls out from under it?
Update: One media source indicated he saw a “rumor” of an announcement on Twitter roughly when the stock moved…which was then confirmed.