CMS Dark Pool Activity
CMS Energy Corporation
1W: +3.3%
1M: +10.6%
3M: -5.7%
YTD: -0.4%
1Y: -6.0%
3Y: +39.8%
5Y: +33.4%
$68.83
-0.76 (-1.09%)
Weekly Expected Move ±2.7%
$66
$68
$70
$71
$73
Credit Risk of going bust: lower than 80% of companies Debt: 46.9% of company value Bonds: $325.2M held by 343 funds, 85 bp over Treasuries → details ▾
Of US companies ranked in the safest four tenths, about 1 in 3,500 filed for bankruptcy within a year (2020-2025).
If the stock fell to about $2.28 (down 97%), CMS Energy Corporation would be worth roughly what it owes.
Total debt $19.30B against a stock market value of $21.82B.
Distance to default 9.63 (Merton model): prices to 2026-10-26, balance sheet 2026-06-30, debt counted $9.96B (short-term plus half of long-term), stock volatility 17.6%; Altman Z'' 0.81. A ranking and a back-test, not a forecast.
Bond figures are fund-reported marks (SEC N-PORT) as of Jul 2026. How these are computed.
If the stock fell to about $2.28 (down 97%), CMS Energy Corporation would be worth roughly what it owes.
Total debt $19.30B against a stock market value of $21.82B.
Distance to default 9.63 (Merton model): prices to 2026-10-26, balance sheet 2026-06-30, debt counted $9.96B (short-term plus half of long-term), stock volatility 17.6%; Altman Z'' 0.81. A ranking and a back-test, not a forecast.
Bond figures are fund-reported marks (SEC N-PORT) as of Jul 2026. How these are computed.
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Dark Pool Activity
Week of 2026-09-285.2M
Weekly Shares
$327M
Notional Value
3.9M
4-Week Avg
▲ +1.5%
4-Week Trend
89,946
Weekly Trades
57
Avg Trade Size
Weekly Dark Pool Volume
Weekly Notional Value
Top Dark Pool Venues
Last 4 weeks| Venue | Share | Shares Traded | Trades | Notional |
|---|---|---|---|---|
| INCR INTELLIGENT CROSS LLC | 14.0% | 2,632,014 | 48,853 | $172.0M |
| UBSA UBS ATS | 11.9% | 2,239,821 | 39,431 | $146.1M |
| EBXL LEVEL ATS | 9.6% | 1,797,422 | 59,199 | $117.9M |
| SGMT SIGMA X2 | 8.4% | 1,573,886 | 36,455 | $102.6M |
| CGXS ONECHRONOS | 8.3% | 1,553,503 | 18,071 | $101.3M |
| MSTX MS TRAJECTORY CROSS (ATS-1) | 7.7% | 1,448,928 | 66,798 | $95.1M |
| BIDS BIDS ATS | 5.5% | 1,027,772 | 1,783 | $66.9M |
| MSPL MS POOL (ATS-4) | 5.1% | 964,900 | 5,461 | $63.2M |
| MLIX INSTINCT X | 4.8% | 896,320 | 12,166 | $58.6M |
| PURE PURESTREAM | 3.7% | 687,401 | 31,774 | $44.2M |
| ITGP POSIT | 2.9% | 554,577 | 2,870 | $36.2M |
| JPBX JPB-X | 2.8% | 529,697 | 8,366 | $34.7M |
| JPMX JPM-X | 2.4% | 448,163 | 5,502 | $29.2M |
| BNPX BNPP CORTEX ATS | 2.4% | 446,196 | 5,264 | $29.4M |
| ICBX CBX | 2.3% | 431,870 | 5,409 | $28.2M |