FWIW, I do a little day trading on the side, and happened to have my eye on CAL yesterday when it started selling off a little after 2pm.

Things started out bad in the morning for the entire airline industry because of the overall direction of the market, and because of rising oil prices with the hurricane fears. But in the afternoon, what it looked like to me was, someone with a lot of shares (we're talking millions) appeared to be liquidating their position. More than likely, it wasn't by choice. It was possibly a collapsing hedge fund who was having their position liquidated for them. The reason I say this is, whomever was doing the selling had no regard for the price. They were dumping thousand of shares at a time for whatever price was being asked. Some shorts may have seen this and piled on, making things even worse. And that's also why CAL bounced so sharply back today, the smart money new it was an anomaly.