Major block trades included more than $ 10 billion worth of stocks sold by Goldman: Media

(Reuters) – Large block trades on Friday caused a wave of sales in a cluster of companies led by sales of more than $ 10 billion executed by Goldman Sachs Group Inc, the media reported Saturday.

PHOTO FILE: The Goldman Sachs logo is visible in the company’s place on the floor of the New York Stock Exchange, (NYSE) in New York, USA, April 17, 2018. REUTERS / Brendan McDermid

Shares in ViacomCBS and Discovery fell about 27% each on Friday, while US-registered shares of China-based Baidu and Tencent Music fell during the week, falling as much as 33.5 % and 48.5%, respectively, from Tuesday’s closing levels.

Eric Handler at MKM Partners, which covers Discovery, said on Friday that large blocks of shares in Viacom and Discovery companies were put on the market on Friday, apparently slowing the recessions.

An email told reporters who saw Bloomberg News that Goldman sold $ 6.6 billion worth of shares of Baidu Inc, Tencent Music Entertainment Group and Vipshop Holdings Ltd, before the U.S. market opened on Friday, the report said Saturday. flù / 3lYOrZm

Subsequently, Goldman sold $ 3.9 billion worth of shares in ViacomCBS Inc, Discovery Inc, Farfetch Ltd, iQIYI Inc and GSX Techedu Inc, according to the report.

A source familiar with the matter said Saturday that Goldman was involved in the major block trades.

Goldman Sachs did not immediately respond to Reuters’ request for comment.

The Financial Times reported that Morgan Stanley sold $ 4 billion worth of shares earlier in the day, followed by another $ 4 billion in the afternoon.

Morgan Stanley declined to comment.

The Financial Times reported that Goldman had told the parties that the sales had been prompted by a “forced disqualification”, citing people with knowledge of the case.

CNBC reported here that the sales pressure was due to a liqudation of positions by Archegos Capital Management at a family office, citing a source with direct knowledge of the situation. A person at Archegos who answered the phone declined to comment.

Reporting by Juby Babu in Bengaluru; Additional commentary by Ken Li, Megan Davies and Sinead Carew; Edited by Diane Craft and Daniel Wallis