1,000,000 share buy AH!! Wow! That's interesting!
Might explain some of the action today if MM has buy order for 1MM @ $0.85 in hand and needs to accumulate <= $0.85.
Since early action was $0.86-$0.904 (from open to ~ 09:51), MM needs to move market down to accumulate at lower prices. Through 10:45 vol was 1,122,290, all above $0.8601 though. Stayed relatively high most of the day, making this scenario a bit rough to accomplish. Didn't drop into $0.85xx area and stay there until 14:47.
Alternately, if a $1MM $0.85 sell order is in-hand, in the period leading up to ~10:45 MM could have sold short at a really nice profit, spent the rest of the day doing covering buys at lower prices and then bought the 1MM from the seller. His net cost for 1MM shares is now much lower than $0.85.
Scenario 2 is a low risk proposition because if he can't do the covering buys (say the market ran away from him and he couldn't cover at lower prices) he still has the 1MM coming in at $0.85, lower than what he shorted the shares at. If he covered all or most, the shares coming from the sell order net to the MM at $0.85 less profit from the short sell and then cover transactions.
Another possibility is one of the "dark pool" deals - inter or intra-broker negotiated block trades generally used to service institutional customers.
Of course, we don't know which of these was most likely.
Bill
