(Bloomberg) -- Stocks valued at $2.64 billion changed hands in a flurry of block trades Monday 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 Monday, said the person, who asked not to be named because the matter is private. Its other intraday offerings, according to the person:
- 2.8 million Baidu Inc. American depositary receipts at $198 apiece
- 5 million Farfetch Ltd. shares priced at $47
- 12 million Vipshop Holdings Ltd. ADRs at $28.50 each
- 8.5 million Iqiyi ADRs at $16.50
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 U.S. 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 Friday via Goldman Sachs Group Inc. and Morgan Stanley, Bloomberg News has reported.
Read more: Hwang's Insider-Trading Shackles Were Loosened by SEC Last April
ViacomCBS, the U.S. media giant, slipped 6.7% to close at $45.01 in New York trading. Baidu, the Beijing-based internet company, fell 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.
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