Some market participant is running a very aggressive news algorithm.  At 16:10:10, Procter & Gamble (PG) lowered their 2013 guidance down slightly, citing devaluation of Venezuelan currency.  The news algorithm went to work, responding instantaneously to the news.  Here is the tape:

(Note the ticker tape reads from the bottom-up)

As you can see from the tape, the news algorithm sold the stock down to a price of $74.10.  The stock a few seconds later jumped back up to $76.  This algorithm just threw away a huge chunk of change as nearly 10K shares were sold at the bottom.

These trading overshoots have been happening a lot lately, especially in the most recent earnings season.  I wonder if the participant that is running this algorithm will eventually stop running it so aggressively as it appears to be burnings some serious cash.