RKT Stock – Wells Fargo executes four block trades worth US$2 billion
(March 30): Stocks valued at US$2.64 billion changed hands in a flurry of block trades Monday as tumult from the wind-down of Bill Hwang’s Archegos Capital Management extended into a new week.
Five block trades valued at a combined US$2.14 billion were executed by Wells Fargo & Co., according to a person familiar with the matter. The bank solicited interest from investors in 18 million ViacomCBS Inc. shares at US$48 apiece before the market opened Monday, said the person, who asked not to be named because the matter is private. Its other intraday offerings, according to the person:
- 2.8 million Baidu Inc. American depositary receipts at US$198 apiece
- Five million Farfetch Ltd. shares priced at US$47
- 12 million Vipshop Holdings Ltd. ADRs at US$28.50 each
- 8.5 million Iqiyi ADRs at US$16.50
Separately, about 20 million shares of Rocket Cos. were sold through Morgan Stanley, people familiar with the matter said. A margin call on the family office of Hwang, the former Tiger Management trader, has led to the liquidation of more than US$24 billion in stocks ranging from Chinese technology firms to U.S. media giants.
A Wells Fargo representative declined to comment. Morgan Stanley didn’t respond to a request for comment. An Archegos representative didn’t immediately respond to a request for comment.
Shares in all six companies were offered beginning Friday via Goldman Sachs Group Inc. and Morgan Stanley, Bloomberg News has reported.
ViacomCBS, the U.S. media giant, slipped 6.7% to close at US$45.01 in New York trading. Baidu, the Beijing-based internet company, fell 1.9% to US$204.70. Farfetch, a London-based seller of apparel and accessories, declined 6.3% to US$47.72.
Vipshop, a Chinese internet retailer, slid 8.7% to US$28.47. Beijing-based video-entertainment provider Iqiyi was down 5.1% to US$16.55. Rocket, a provider of home loans based in Detroit, fell less than 1% to US$23.80.