The 6% tumble in the S&P 500 to end the week was indicative of a market in complete panic, with trading volumes going haywire.
Over 26 billion shares changed hands today in a game of pass-the-falling-stock, smashing the previous record of 23.67 billion on January 27, 2021.
Put volumes traded on OPRA exchanges surged to 52.8 million, also a record.
A tip of the cap to Tom Hearden for flagging!
Shares of crypto miner and AI compute provider IREN dropped after the Australia-based, US-listed company said late Tuesday that it would sell $875 million in convertible senior debt.
The announcement came late in the trading day and caused a sell-off in the aftermarket session that continued into Wednesday trading.
The offering makes sense; the company can probably get some fairly cheap capital after its shares doubled over the last month.
But it exposes shareholders to some dilution risk if buyers of the hybrid securities do convert them into equity, which explains the market reaction.
The offering makes sense; the company can probably get some fairly cheap capital after its shares doubled over the last month.
But it exposes shareholders to some dilution risk if buyers of the hybrid securities do convert them into equity, which explains the market reaction.
Shares of Tempus AI jumped over 7% Wednesday to reach an all-time high of $99.90. Shares of the AI medical diagnostics company are up over 191% for the year so far.
The company has recently announced a flurry of FDA clearances for its technologies. Most recently, on September 22, Tempus AI was granted FDA clearance for its Tempus xR IVD device, which is used to tailor cancer therapies.
