I think what you are seeing is smart money thats been sitting on the sidelines knowing this day would come. They are the patient ones and they have recieved thier just rewards in the process.
I don't think the company has started a buy back yet. But you will know when they do. I find it best to NOT try and guess what the market is doing or the company for that matter.
I tried to warn management about this and they didn't believe me...the hard lessons are tough to realize.
The MM's have tried to bring this down three times and each time the company put out a PR to stop the bleeding. Perhaps now they realize they can't stop it.
I think the MM's need to cover and until they have had the chance to do so the stock will continue to be challendged as we have seen.