What factors contribute to the odd quotes shown for stocks during extended market hours? (I'm guessing that at least some of them are the product of requirements of market makers, but I wonder if there are other interesting things going on.)
Here are two examples taken from Fidelity:
This stock closed (regular-session) at 9.25. Here is It looks like there is a real offer to sell one lot at $9.24. But why are there tiny odd lots scattered up and down the bid and ask side? And why is there significant size shown only at the prices furthest from the close?
Here's another pattern I often see: there are no bids or offers within reasonable distance of the close, but those shown are for significant size. There's a 1-share bid that appears to be disregarded, so what is the meaning of that? What is the point of putting a 20-lot bid at 9.33 when this stock last traded at 24.13?