It was real, around 10am.
Here's the 8/11/25 data: 08/11/2025 - 09:35 AM ET 10.77 10.78 10.52 10.52 1,774,336
08/11/2025 - 09:40 AM ET 10.52 10.75 10.26 10.67 940,627
08/11/2025 - 09:45 AM ET 10.66 10.73 10.58 10.66 947,077
08/11/2025 - 09:50 AM ET 10.65 10.88 10.65 10.84 785,484
08/11/2025 - 09:55 AM ET 10.84 10.95 10.84 10.92 768,203
08/11/2025 - 10:00 AM ET 10.93 10.95 8.88 10.86 742,503
From AI: That $8.88 print at 10:00 AM yesterday wasn’t FNMA suddenly collapsing for a moment — it’s almost certainly what’s called a trade-through / outlier print, and it usually happens for one of three reasons:
Late-reported block trade – A big negotiated trade (off-exchange, dark pool, or between institutions) that got reported to the tape at 10:00 AM, even though it was agreed upon earlier at a different price.
Errant print / fat finger – A small order executed way outside the current bid/ask (could be a market sell hitting a thin bid on an ECN).
Cross-trade at special conditions – Sometimes a broker will cross shares between two clients at a prearranged price far from the market (e.g., tax purposes, internal rebalancing), and it still gets printed to the consolidated tape.
Given FNMA’s normal liquidity and the fact this was way below any other trade yesterday, I’d lean toward #1 — a late-reported off-exchange transaction from earlier, at a negotiated $8.88 price.
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