A Possible Explanation For The Latest Dips
On 12/17/2004, Dow Jones Newswires, Ann Keeton ran a story which explains that an Illionois
jury recommended Archipelago CEO Jerry Putnam pay Fane Lozman, a former business partner, $2.5 million for 'usurpation of corporate opportunities' related to a business the two once owned. Here's a piece from the Chicago Sun Times which explains this case and what happened a decade ago: http://tinyurl.com/567sj. This article somewhat contradicts the Dow Jones story since it quotes Mr. Putnam's lawyer saying that her client would not have to pay damages. Nonetheless, it's quite possible that he's selling some of his shares for the if-come he'll need to pay Lozman.
Archipelago is not a party to this suit and subsequently is not on the hook for any monetary damages since the alleged conduct was conducted by Putnam prior to 1996 (when Archipelago Holdings was formed) monetary damages.
So, if he's selling some stock to pay Fane that would explain why there's been some selling pressure as of late. Given the light volume, it makes it sense that it might take Mr. Putnam several days to sell without hurting the share price.