Skip to content
Subscriber Only

Block-Trade Bevy Wipes $35 Billion Off Stock Values in a Day

  • Chinese ADRs like Baidu and Vipshop swing on high volume
  • Media stocks ViacomCBS, Discovery also among blitz of deals
Updated on

An extraordinary spree of block trades on Friday erased $35 billion from the values of bellwether stocks ranging from Chinese technology giants to U.S. media companies.

The unregistered stock offerings were said to be managed by banks including Goldman Sachs Group Inc. and Morgan Stanley, according to people familiar with the matter, on behalf of one or more undisclosed shareholders. Some of the trades exceeded $1 billion in individual companies, calculations based on Bloomberg data show.