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Why Danaos Stock Just Sank 20%

TheMotleyFool

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Shares of containership operator Danaos Corporation (NYSE: DAC) hit a reef and sank 20.5% through 12:20 p.m. EST Tuesday, one day after the company informed the SEC of a massive share sale by its second-largest shareholder.

Yesterday after close of trading, TheFly.com reported that someone had placed a "block trade" order to sell 3.1 million shares of Danaos at any price offered between $11 and $12. This morning, the trade executed -- and the price was at the very bottom of that range.

Image source: Getty Images.

Source Fool.com

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