CLR - Continental Resources crashes then reovers after Hamm slashes stake

Continental Resources (NYSE:CLR) plunged as much as 44% after-hours as founder and majority owner Harold Hamm disclosed his 80%-plus stake in the company had shrunk to ~24%, Bloomberg reports. Continental shares fell as low as $31.21 in the minutes after the disclosure was filed and hovered in the low-to-mid $30s for more than 30 minutes before bouncing back, according to Bloomberg. The 13D filing said the distribution of shares to Hamm's children was done for estate planning purposes; as a result, five Hamm children now each own ~$2.3B in Continental shares; Hamm now holds ~86.5M shares in the company he founded vs. nearly 300M previously. Continental also announced a 15% quarterly dividend increase to $0.23/share.

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Continental Resources crashes, then reovers after Hamm slashes stake