Wells Fargo executes four block trades worth $2bn

Bloomberg

Stocks valued at $2.64 billion changed hands in a flurry of block trades as tumult from the wind-down of Bill Hwang’s Archegos Capital Management extended into a new week.
Five block trades valued at a combined $2.14 billion were executed by Wells Fargo & Co., according to a person familiar with the matter. The bank solicited interest from investors in 18 million ViacomCBS Inc. shares at $48 apiece before the market opened, said the person, who asked not to be named because the matter is private. Its other intraday offerings,
according to the person.
Separately, about 20 million shares of Rocket Cos. were sold through Morgan Stanley, people familiar with the matter said. A margin call on the family office of Hwang, the former Tiger Management trader, has led to the liquidation of more than $24 billion in stocks ranging from Chinese technology firms to US media
giants.
A Wells Fargo representative declined to comment. Morgan Stanley didn’t
respond to a request for comment. An Archegos representative didn’t immediately respond to a request for comment.
Shares in all six companies were offered beginning
on April 2 via Goldman Sachs Group Inc. and Morgan Stanley, Bloomberg News has
reported.
ViacomCBS, the US media giant, slipped 6.7% to close at $45.01 in New York trading. Baidu, the Beijing-based internet company, falls 1.9% to $204.70. Farfetch, a London-based seller of apparel and accessories, declined 6.3% to $47.72.
Vipshop, a Chinese internet retailer, slid 8.7% to $28.47. Beijing-based video-entertainment provider Iqiyi was down 5.1% to $16.55. Rocket, a provider of home loans based in Detroit, fell less than 1% to $23.80.