My sense (and it's only that, I have no stats on this) is that on a day to day basis, most of the volume in trading on a stock is by people that hold short periods of time - traders. Now, with a stock with a high beta, like NOT, I think it really becomes more likely than with something like a utility, which might be at the other end of the spectrum.

I agree that the folks that paid upwards of 5 bucks for this stock are not selling Monday, or anytime soon. But many traders no doubt acquired this stock on its way down, in the hope of catching a great NR, and turning a quick profit. If they can be made to feel that no quick profit is in the offing, and maybe a bigger quick loss is coming, they will sell - they have no emotional tie to the company. They will then be off to another venture, but they will no doubt keep an eye on NOT, as this stock will remain a good trader's stock, cuz of all the action, the NR's (and the many places from which news may come) and the emotion involved. Traders love to find stocks like this.