Zeev's Turnips Patch-No Politics (ZEEV)

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08:31 Last-minute share rises cause trading suspicions - NY Times

NY Times reports the last five minutes of trading on the last day of the quarter were very good to a significant number of stocks on Tuesday, including battered financial shares. Tuesday's closing prices were particularly important to money managers who report their performance based on quarterly figures, and suspicions of "painting the tape" — buying shares at the end of the day to drive up the price — have been common during the final minutes of a quarter. Part of the answer as to whether tape-painting occurred may come Wednesday morning when shares with the largest moves reopen for trading... For many stocks, the final move was striking. Sallie Mae (SLM), formally known as SLM, for example, rose 10% during those minutes, accounting for more than half the day's rise. The brokerage co Charles Schwab (SCHW) and the KeyCorp (KEY), a banking company, each leaped 7% in the final minutes, moves that accounted for more than one-third of their gains for the day. Old Republic International (ORI), an insurance company; XL Capital (XL), another insurance co; and Janus Capital (JNS), a money management co, all jumped more than 5% in the final minutes, moves that accounted for at least 30% of their gains for the day.