- The issue, according to analysis by Yale's Yair Listokin, is that the stock rarely seems to ever close above $53.72 - just seven times since April 2014 despite a range from the low-$40s to low-$50s. This compares to more than 50 closes at just below $53.72, and a full 91 closes from $52.71-$53.71.
- Why is this important? Dow Chemical (DOW) has the option to buy back $3B worth of preferred shares from Berkshire Hathaway (BRK.A, BRK.B) only if the stock closes above $53.72 enough times. Some executives at Dow believe a short seller keeps knocking it back, and they've got fuel for that argument from Listokin.
- “The probability that this would happen by chance is essentially zero ... [it's] pretty clear evidence of manipulation," he says.