Yes, in which many traders readjust and place last minute orders based on the current PPS vs next days anticipated direction of a stock. Friday power hours can be like a July 4th fireworks display.
Yep. Not that every day has a crazy hour of trading in the last hour, but on high vol days, it's generally the last hour (or more accurately, more like the last 15-30 min) when people get antsy and make split decisions before the market closes.
We also almost ALWAYS see some type of paint (small block of shares go through in an attempt to "fix" the close pps) towards the end.
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