{"slug":"block-trade-discounts-and-bought-deals","qid":"overnight_risk","label":"Overnight moves, close to next open, over the trailing twelve months","post_title":"Block Trade Discounts and Bought Deals","post_url":"/blog/block-trade-discounts-and-bought-deals#q-overnight_risk","columns":["ticker","avg_overnight_move_pct","largest_overnight_move_pct"],"rows":[{"ticker":"NVDA","avg_overnight_move_pct":1.09,"largest_overnight_move_pct":6.3},{"ticker":"MSFT","avg_overnight_move_pct":0.83,"largest_overnight_move_pct":12.13},{"ticker":"F","avg_overnight_move_pct":0.67,"largest_overnight_move_pct":5.63},{"ticker":"WMT","avg_overnight_move_pct":0.55,"largest_overnight_move_pct":6.93},{"ticker":"AAPL","avg_overnight_move_pct":0.51,"largest_overnight_move_pct":8.58},{"ticker":"PG","avg_overnight_move_pct":0.48,"largest_overnight_move_pct":5.04},{"ticker":"KO","avg_overnight_move_pct":0.46,"largest_overnight_move_pct":5.41}],"shape":"ranking","sql":"SELECT\n    ticker,\n    round(avg(abs(gap_pct)), 2) AS avg_overnight_move_pct,\n    round(max(abs(gap_pct)), 2) AS largest_overnight_move_pct\nFROM\n(\n    SELECT\n        ticker,\n        100 * (toFloat64(open) / prev_close - 1) AS gap_pct\n    FROM\n    (\n        SELECT\n            ticker,\n            date,\n            open,\n            lagInFrame(toFloat64(close)) OVER (PARTITION BY ticker ORDER BY date ASC\n                ROWS BETWEEN 1 PRECEDING AND CURRENT ROW) AS prev_close\n        FROM\n        (\n            SELECT\n                ticker,\n                date,\n                max(open)  AS open,\n                max(close) AS close\n            FROM global_markets.stocks_daily_aggs\n            WHERE ticker IN ('NVDA', 'AAPL', 'MSFT', 'WMT', 'PG', 'KO', 'F')\n              AND date >= '2025-10-01'\n              AND date <  '2026-10-01'\n            GROUP BY ticker, date\n        )\n    )\n    WHERE prev_close > 0\n)\nGROUP BY ticker\nORDER BY avg_overnight_move_pct DESC","computed_at":"2026-10-05T15:49:02.253455+00:00","elapsed":0.003745951}