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On October 5, 2023, shares of the German sportswear brand Puma plunged 11% on unusually high volume. It was the largest single day move in the company’s stock price since the market panic over Covid-19 in March 2020. This time, there was no pandemic or any other news to explain the move. Puma wasn’t due to report quarterly earnings until October 24. The markets were quiet. The MDAX index of mid-cap German stocks closed down 0.7% that day. 

“The stock moved 11% on no news from the company,” says

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