Morgan Stanley Said to Price $500 Million Rocket Cos Block Trade
Morgan Stanley Said to Price $500 Million Rocket Cos Block Trade
(Bloomberg) -- A wave of block trades continued on Monday with a large stake in Rocket Cos Inc. sold through Morgan Stanley, according to people familiar with the matter.
About 20 million shares were sold earlier during Monday’s session at $25.25 each, one of the people said. Shares in the parent of Quicken Loans, the largest retail non-bank lender, erased gains to traded little changed in the afternoon.
Morgan Stanley didn’t respond to a request seeking comment.
This is the first time that Rocket’s shares were among the torrent of stock sales that started Friday. The block is worth about $500 million at the offering price. The stake was offered at $25.25 to $26.25 per share, the people said.
A margin call on the family office of former Tiger Management trader Bill Hwang has led to the liquidation of more than $20 billion in stocks ranging from Chinese technology firms to U.S. media giants.
Shares in parent of Quicken Loans, the largest retail non-bank lender, rose by as much as 15% Monday morning before sharply dropping around 11:00 a.m. The stock is now up by 1.7%.
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