Trader Tweets About Selling Takata Shares, Stock Slumps as Much as 8.8%
Takata Corp., finalizing a buyer after spurring record auto industry recalls, fell in Tokyo trading after a Japanese day trader told his more than 103,000 Twitter followers he sold shares in the air-bag maker.
The stock slumped as much as 8.8 percent, the biggest intraday decline since Nov. 9, and was down 6.1 percent as of 2:11 p.m. in Tokyo. The trader, a former video-game champion and pachinko gambler who goes by CIS, wrote in a Twitter posting Wednesday that he sold all the Takata shares he’d purchased three weeks ago.
Bloomberg Markets magazine profiled CIS and the cult following he built among Japanese day traders in its November 2014 issue. In a phone interview Wednesday, he estimated that his Takata trade involving about 800,000 shares had netted a pretax gain of about $1.2 million. He also provided a screenshot of his trades.
Read full Article here »