Ebb & Flow

Arpida (SWX:ARPN) took a 26% hosing on Wednesday, its first trading day, shedding CHF4.70 to CHF13.30. Company management and ARPN's VCs can be ruled out as the sellers, as both groups have their shares locked up. On Wednesday, 2.2 million shares traded hands, which is 41% of the 5.4 million shares that ARPN sold in the IPO.

The consensus is that the culprits were short sellers...