why did this stock drop today

DumbInvestor answered 5 months ago …

Here is the correct answer:

"June 26, 2009, 7:22 pm
Record Volume on Nasdaq Close for Russell Reconstitution
Posted by Tiernan Ray
Nasdaq OMX (NDAQ), the company that runs the Nasdaq stock markets,
informs us this afternoon that the Nasdaq had a record close in terms
of volume of shares bought and sold at the end of trading because of
people moving into and out of stocks added to or dropped from the
Russell Investments indices, mentioned earlier.

1 billion shares traded hands with a total value of $9.2 billion in
2.9 seconds, says Nasdaq. Interestingly, that was above the 893.3
million shares traded last year in the Russell’s reconsitution, and
faster than last year’s close of 5 seconds, but it was lower in dollar
value than last year’s 12 billion.

As suggested in an earlier post, many of the big volume trades at the
close were small caps. The top ten trades at the close in order of
volume were: Sirius XM Radio (SIRI), Sanmina (SANM), Cell Therapeutics
(CTIC), E*Trade (ETFC), Finisar (FNSR), Level 3 Communications (LVLT),
Capstone Turbine (CPST), Maxim Integrated (MXIM), Intel (INTC), PMC-
Sierra (PMCS)."

http://blogs.barrons.com/stockstowatchtoday/2009/06/26/record-volume-. ..

http://www.marketwatch.com/story/june-is-when-the-russell-indexes-are. ..

http://www.russell.com/indexes/membership/Reconstitution/Reconstituti. ..