Why Danaos Stock Just Sank 20%

Rich Smith, The Motley Fool
·2 min read
Why Danaos Stock Just Sank 20%

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. After all, Danaos closed trading yesterday at nearly $15 a share.