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SocGen Shares Plummet On No News

Submitted by Tyler Durden on 09/14/2011 09:17 -0400

Apparently the market finally woke up: seconds ago SocGen shares, completely out of nowhere, just took a massive spike lower, tumbling a good 8% on no news. There is a goal seeked version that attributes the move to remarks by Noyer discussing French bank stability may have caused this but this makes little to no sense, as they were supposed to be favorable for banks. It appears like a major block was dumped as someone realized they have had enough with the rollercoaster. Now the question is: "why?"

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Wed, 09/14/2011 - 09:18 | 1668048 AngryGerman

bc the frenchies are fucked, that's why

Wed, 09/14/2011 - 09:22 | 1668082 wang (not verified)

LIVE Solyndra coming up on CSPIN

http://bit.ly/q0YHDF

Wed, 09/14/2011 - 09:24 | 1668097 eisley79

insider knowledge, wait for it.....

Wed, 09/14/2011 - 09:29 | 1668129 SGS

B/c its going to ZERO.

Wed, 09/14/2011 - 10:06 | 1668280 gmrpeabody

I don't know who's selling it..., but it's tax dollars buying I'll wager.

Wed, 09/14/2011 - 12:07 | 1668817 Bananamerican

Creditanstalt (sometimes Credit-Anstalt ) was an Austrian bank...founded in 1855 by the Rothschild family...it became the largest bank of Austria-Hungary. It declared bankruptcy on May 11, 1931. It has been said that this event resulted in a global financial crisis and ultimately the bank failures of the Great Depression"

which bank will be the domino offender of this Depression?

Wed, 09/14/2011 - 12:40 | 1668987 AldousHuxley

The Federal Reserve BANK!

Wed, 09/14/2011 - 09:31 | 1668139 Stoploss

Moody's was supposed to downgrade two french banks. Im guessing that socgen would be one.

Wed, 09/14/2011 - 09:34 | 1668151 falak pema

french fries for french banks, cassoulet for the french people. Its the poor man's bean ragout;delicious!

Wed, 09/14/2011 - 09:45 | 1668186 A.W.E.S.O.M.-O 4000

Yeah, ha ha, the French are fucked.

But we're all cool right?

Wed, 09/14/2011 - 09:56 | 1668238 dizzyfingers

...noooooo?

Wed, 09/14/2011 - 09:19 | 1668049 DavidJ

Must be HFT or some logical traders all thinking that the TSHF soon!

Wed, 09/14/2011 - 09:18 | 1668051 buzzsaw99

Mr. Bonestripper:

http://www.youtube.com/watch?v=enUo-1TjdEs

Wed, 09/14/2011 - 09:45 | 1668187 SheepDog-One

Damn straight! Long, or short, Mr Bonestripper markets strip EVERYONE!

Wed, 09/14/2011 - 09:19 | 1668052 gojam

Why?

Nationalisation ??

Wed, 09/14/2011 - 11:23 | 1668658 Which is worse ...

Which is worse - bankers or terrorists's picture

Man, imagine how nationalization of banks will play out against those countries in Europe that can't tap the EFSF. Ouch! Switzerland, Czech Republic, etc....

Wed, 09/14/2011 - 09:19 | 1668056 midtowng

No need for "why?" Stocks go up and down on rumor now.

Wed, 09/14/2011 - 09:19 | 1668058 Cognitive Dissonance

It just means that the inside crew has been informed of something we plebs will be privy too after we have been fleeced.

"Oh, so that's why my butt hurts."

Wed, 09/14/2011 - 09:22 | 1668087 DirtMerchant

hold still, your going to feel a little pressure

Wed, 09/14/2011 - 09:48 | 1668203 SheepDog-One

Mr Bonestripper markets!

Wed, 09/14/2011 - 09:19 | 1668059 G. Marx

I blame Reggie.

Wed, 09/14/2011 - 09:23 | 1668089 Cognitive Dissonance

The ego knows.

Wed, 09/14/2011 - 09:29 | 1668130 LeBalance

Leggo my ego.

Wed, 09/14/2011 - 09:19 | 1668060 Osmium

Not to worry, someone "fat fingered a trade"

Wed, 09/14/2011 - 09:20 | 1668066 GeneMarchbanks

"Why?"

Have you been inside a SocGen bank? It's like something out of the Kafka novel The Castle. You don't know whether to laugh or be scared.

Horror show, it goes to zero followed by BofA across the Atlantic.

Wed, 09/14/2011 - 09:20 | 1668068 Irish66

Lehman

Wed, 09/14/2011 - 09:20 | 1668069 NeoCapitalist

N A T I O N A L I S M.. if not now then soon.. writings on the wall

Wed, 09/14/2011 - 09:30 | 1668132 youngman

Investment..the term will be investment

Wed, 09/14/2011 - 10:06 | 1668276 e-recep

It was about time. Why would I want a Chinese to steal my job?? Why??

Wed, 09/14/2011 - 09:20 | 1668071 dwdollar

Lord Rothschild?

Wed, 09/14/2011 - 10:46 | 1668477 reload

Good point; were not Rothschild et cie contracted to provide price stability in the stock, perhaps they just resigned!

Wed, 09/14/2011 - 09:21 | 1668074 Iriestx

"SocGen Shares Plummet On No News"

Check that, Tyler. Should read,: "SocGen Shares Plummet On No News That Has Been Made Public, As Insiders Front-run"

Wed, 09/14/2011 - 09:26 | 1668112 GeneMarchbanks

If you need to be an 'insider' in order to know that SocGen is a farce then I suggest giving back Grandma's money and just walking away from the trading game unharmed.

Wed, 09/14/2011 - 09:21 | 1668075 DirtMerchant

frontrunning at the elite level, we'll find out in 20 minutes after the fat cats have found the exit

Wed, 09/14/2011 - 09:22 | 1668078 Tense INDIAN

September 15th time...someone doesnt want to take risk

Wed, 09/14/2011 - 09:22 | 1668083 CD

Umm... Moody's downgrade?

"While cutting its rating on Societe Generale's long-term debt rating by one notch to Aa3 and Credit Agricole's by the same amount to Aa1, Moody's warned that both could have their ratings downgraded by a further notch as it assesses "the implications of the persistent fragility in the bank financing markets." BNP's rating also remains under review."

http://money.cnn.com/2011/09/14/news/international/moodys_french_banks/

Not that this is exactly NEW news, but nevertheless, making it official does still count for something, it seems.

Wed, 09/14/2011 - 09:23 | 1668095 DirtMerchant

downgrade? That is so 20 minutes ago, try to keep up!

Wed, 09/14/2011 - 09:31 | 1668144 firstdivision

Umm more like an hour ago. 20 min ago for those that get their news from Yahoo Finance.

Wed, 09/14/2011 - 09:23 | 1668094 Maxwell Smart

Somebody just saw the light. It happens.

Wed, 09/14/2011 - 09:24 | 1668098 Miss Expectations

Quelle surprise!

Wed, 09/14/2011 - 09:24 | 1668100 TheArmageddonTrader

Gosh, I can't think of any reason why someone with a big block of SocGen would be in a hurry to dump it. Especially after that nice Mr Noyer said all those nice things.

Wed, 09/14/2011 - 09:57 | 1668239 Clampit

How big of a block would we be talking about here? For a market sell order to move a stock by 8% ... "as if millions of voices suddenly cried out in terror, and were suddenly silenced."

Wed, 09/14/2011 - 09:25 | 1668102 monopoly

I am certain we will get the answer from the idiot channel within 5 minutes. They are so on top of the Real news. :(

Wed, 09/14/2011 - 09:24 | 1668103 Biggvs

So it begins: Moody's cuts ZeroHedge rating one notch on wrinkle cream and "odd trick to sleep all night" ads.

Wed, 09/14/2011 - 09:31 | 1668135 fuu

Even Moody's knows how ads are served.

Wed, 09/14/2011 - 13:29 | 1669269 Biggvs

Still sucks. But at least the toner cartridge ads are good for a laugh.

Wed, 09/14/2011 - 09:25 | 1668108 monopoly

Or was that just a common every day "flash crash"?

Wed, 09/14/2011 - 09:28 | 1668116 SwingForce

It was the Jeffries piece that did it.

Wed, 09/14/2011 - 09:28 | 1668117 AngryGerman

why do we even bother watching socgen?

Wed, 09/14/2011 - 09:32 | 1668137 dwdollar

Why do we even bother watching the markets? It's like driving by and leering at the victims of a deadly car wreck. We just have to...

Wed, 09/14/2011 - 09:28 | 1668119 Irish66

US banks making private deals

Wed, 09/14/2011 - 09:28 | 1668120 Gubbmint Cheese

Meanwhile us premarket flashes +67 from -120 last night...

Wed, 09/14/2011 - 09:28 | 1668123 Bithead1

Oh I thought this was the half life of radioactive iodine from Japan.

Wed, 09/14/2011 - 09:29 | 1668124 SheepDog-One

But ALL is WELL! Just heard it from real TV spokespersons!

Everyone is certifying QE3 'done deal', lots of further money will be easily borrowed....damn what NOW??

Wed, 09/14/2011 - 09:30 | 1668136 falak pema

go watch the rugby!

Wed, 09/14/2011 - 09:30 | 1668133 falak pema

SOcgen went up around 15% yesterday on rumors and RM's attack on neighbour BNP-Paribas. So its normal that it corrects today. All french banks are in the shit-house and rightly so.

Wed, 09/14/2011 - 09:32 | 1668145 AngryGerman

you right, move too small compared to yesterday. probably just ol'sack-ozy dumping his personal "compensation" for sucking it up

Wed, 09/14/2011 - 09:51 | 1668216 SheepDog-One

15%-20% daily spikes and plunges PERFECTLY NORMAL for banks stocks! Hell havent they ALWAYS done this?

Wed, 09/14/2011 - 09:31 | 1668138 captainscotty

Just before 9:30 EdST uummm... Most be something we will know of very sooooonnnnn

Wed, 09/14/2011 - 09:31 | 1668142 Gandalf6900

only yesterday socgen made a +25% swing...are we seriously worrying about -4%

Wed, 09/14/2011 - 09:56 | 1668236 SheepDog-One

Right, wake me when national banks are making 50% daily swings, this is boring.

Wed, 09/14/2011 - 09:31 | 1668143 thunderchief

Don't worry SoGen. Jp Morgan does this with us in the silver market all the time. Gold too.

You will get used to it and just ignore them when they pull their bids.

Wed, 09/14/2011 - 09:34 | 1668149 middle child of...

has to be old news but very telling... http://www.telegraph.co.uk/technology/news/8753784/The-300m-cable-that-will-save-traders-milliseconds.html

Wed, 09/14/2011 - 09:35 | 1668155 AngryGerman

but HFT is good foru us!

Wed, 09/14/2011 - 09:34 | 1668152 lizzy36

Well Noyer did say that the pressure that French Banks have been under is due to uncertainity over their dividend policies going forward.

I know that is keeping me up at night.

Wed, 09/14/2011 - 09:38 | 1668161 Gubbmint Cheese

US market shrugs it off.. LOL

No biggie.. Something will bail us out.

Wed, 09/14/2011 - 09:40 | 1668166 Coldfire

Thanks to Reggie, the full nationalisation dream lasted a full 24 hours. At 400% of France's GDP, the French banks are Too Big To Bail. Salut, salots!

Wed, 09/14/2011 - 09:40 | 1668168 Gandalf6900

mean reversion bitchez

Wed, 09/14/2011 - 09:40 | 1668169 mr1963

Wait until the mm investors who thought it was a safe asset wake up and find out they lost half their money -- worthless as it may be -- in the euopean banking disaster...

Wed, 09/14/2011 - 09:44 | 1668182 Gubbmint Cheese

PS they aren't French Banks... They are Freedom Banks!

Viva la freedom!

Wed, 09/14/2011 - 09:44 | 1668185 AngryGerman

pretty soon they'll be free-bee banks

Wed, 09/14/2011 - 09:46 | 1668184 oobrien

Good citizens of Metropolis!

Soc-Gen is dying!

On this sad day, hope has truly died.

Let's all drink the poison Kool-Aid so that our souls can be picked up by a magic space-ship and transported to a better place.

It's over, my friends. Truly over.

http://geraldcelente.proboards.com

Wed, 09/14/2011 - 09:47 | 1668196 Dick Darlington

Fitch downgraded 5 spanish regions today including the big ones Catalonia and Andalusia. They also have Spain in neg watch so downgrade from AA+ (lol) is coming. How much SocGen has at stake in Spain is the next logical question.

Wed, 09/14/2011 - 09:49 | 1668208 TradingJoe

Quite interesting to find out MerkOzy and G Pap have NOTHING to offer! NOTHING! Same for Benjamin! NOTHING! Algos would then get programmed for Oct...there...!

Wed, 09/14/2011 - 09:52 | 1668222 MsCreant

Zey are on ze phone...

Wed, 09/14/2011 - 09:51 | 1668215 MsCreant

Price staybilleteee, beatchessssz!

Wed, 09/14/2011 - 09:51 | 1668219 Belarus

Isn't banks going into a death spiral great for stocks? Since credit lines get cut off, repo-funding grinds to a halt, entire economies freeze up, liquidity goes dry.....

Definately, these things are wonderful news for stocks. That's why the DAX is skyrocketing today. They're on the hook for everything now. Expect are markets to ramp 1+% by close. Go long, very and put in tight trailing stops....mark my words, you'll get alpha just by playing this trend for the rest of the year....

Expect 15-20% year.

Wed, 09/14/2011 - 09:52 | 1668223 Caviar Emptor

We are gonna have ourselves a rock n roll market this fall ! Mostly rolling ;-)

Wed, 09/14/2011 - 09:54 | 1668229 Gubbmint Cheese

And all these years I thought the Clash were singing about Bombs in Andalucia.. Not bonds.. 'doh

Wed, 09/14/2011 - 09:54 | 1668230 dizzyfingers

Smart readers of zerohedge, no doubt!! hahaha

Wed, 09/14/2011 - 09:57 | 1668231 NuYawkFrankie

I seem to remember - about 5 years ago - that the biz press was waxing lyrical about how smart/aggressive/innovative/blah-blah-blah SocGen was in the field of derivatives

Any time the European Banks got involved - or rather, were allowed to get involved - in any Wall St scam was a loud bell signalling that that particular market was about to implode... just a case of the Wall St wankers handing off as much crap as they could to the Euro-dopes.

Welcome aboard SocGen Suckers- many have trodden the path you are now on, never to be heard of again....

Wed, 09/14/2011 - 10:01 | 1668251 MsCreant

Zis moorning, opps, sorry...

This morning I was driving my son to school, listening to the news on the radio. They were saying that we were heading for our third day of gains because it looks like they are going to be working out the European situation with a Eurobond. One of the commentators advised listeners, "When you get your statement, just don't look at it, okay? Just don't look or it will drive you crazy." The other commentator agreed, that is wasn't any good to torture yourself like that anyway.

Just don't look. At anything.

Wed, 09/14/2011 - 10:00 | 1668252 Grand Vizier

One thing ZeroHedge has taught me is that Fear Mongering is a profitable business!

Oh, wait, one more thing ZeroHedge taught me, hiding behind an alias is cool and manly! I wonder if 20th Century Fox or David Fincher have ever thought about issuing a Cease and Desist Order for using the Tyler Durden monicker... Sorry, I forgot the obligatory ending... "Bitchez"!!!

Wed, 09/14/2011 - 10:05 | 1668269 MsCreant

Your Vizier is screwed on too tight, Bitch.

Everything is fine. Go take the blue pill, it will help you get a hard on. The red one, not so much.

Wed, 09/14/2011 - 10:12 | 1668305 Grand Vizier

How old are you? Twelve? Thirteen?

Wed, 09/14/2011 - 10:17 | 1668323 MsCreant

Yes, I am a scared child and everything really is just fine. Really. Don't think about it. Quit reading this blog because it is only for those who are irrational and scared (childlike too), unlike you who clearly have it all figured out.

Man they must of picked on you in high school. Easy target. I'll stop, not cool.

Wed, 09/14/2011 - 10:26 | 1668365 Robot Traders Mom

@Grand Viz-It is a reference to my son, who is another troll. He is 15. And yes, if you would have listened to Tyler a year ago and started shorting the shit out of banks, you would be doing well.

So basically, despite all the government intervention, money printing (read:cheating), he has still been right.

Go jerk off someone on the Huff Po on the Obama jobs plan. Troll.

Wed, 09/14/2011 - 10:05 | 1668272 AngryGerman

i am sorry that we are not french and girly, BIATCH

Wed, 09/14/2011 - 10:07 | 1668283 snowball777

No news to which you're privy.

Wed, 09/14/2011 - 10:07 | 1668284 BiPolarFrenchman

they're going down - down, down, down to China town.

Wed, 09/14/2011 - 10:15 | 1668318 doggings

@Grand Vizier

youre at the wrong publication, Sheeple Magazine (summer 2011 edition) will be more your sort of thing.

Wed, 09/14/2011 - 10:16 | 1668322 FranSix

Liberté, franternité, stabilité. (spittle fleck)

Wed, 09/14/2011 - 10:20 | 1668335 Youri Carma

No news?

Moody’s cuts Credit Agricole, SocGen ratings

Wed, 09/14/2011 - 10:30 | 1668377 criticaster

They dropped sharply to 14.46 yesterday morning and then recovered by the end of the day. So its hard to say that this wild lurch (while wild) in itself signifies anything more than yesterday, or in the preceeding days (such as the large gap down at Monday open). Safe to say that investor sentiment is not exactly 'rosey' however.

Wed, 09/14/2011 - 12:23 | 1668908 criticaster

Back up to 17.50 now...

SocGen Shares Plummet On No News

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