Up until 1pm Eastern on Friday, all looked well for Sinclair Broadcast Group shares, with trading in positive territory.
Then, with seemingly no warning, SBGI careened into a deep Wall Street canyon, dipping some 6.4% by 3:30pm Eastern and accelerating to a 7.7% dip just four minutes later.
Volume had exceeded its daily average of 1.64 million shares.
What triggered the sell-off? A strikeout that doesn’t even involve Sinclair — yet.