In the last few minutes of trading, Google’s share price went as high as $485.13 and as low as $25.80. Officially as reported in CDN yesterday it closed at $341.43, down 10 percent and one of the few tech stocks to close lower on the day.
Nasdaq later issued a statement saying that all trades in Google’s shares made above $425.28 or below $400.53 between 3:57 and 4:02 pm would be cancelled. It adjusted Google’s official closing price to $400.52, an increase of 5 percent over the previous day.
The adjustment also saw the Nasdaq Composite Index closing price adjusted upwards.
A Nasdaq spokeswoman said the trades involved “were triggered by orders routed from another exchange.” She declined to name the other exchange or provide further details. Google declined to comment, but some traders were furious about the astounding glitches.
“It’s disturbing to watch the number of these things and there seem to be more and more,” investor Laszlo Birinyi told Bloomberg News. His firm, Birinyi Associates, oversees more than $350 million. “We’re watching trades more closely,” he said.
So, you can safely bet, is the market watchdog, the US Securities and Exchange Commission.
The volume of trading in Google was unusually on high Tuesday, with 9.6 million shares changing hands, compared with an average daily volume of 4.7 million.
Cancelling trades is rare and often embarrassing for exchanges, which some investors claim are more susceptible to problems as they become more electronic. Nasdaq is an all-electronic venue.
The volume of trading in Google was unusually on high Tuesday, with 9.6 million shares changing hands, compared with an average daily volume of 4.7 million.
Cancelling trades is rare and often embarrassing for exchanges, which some investors claim are more susceptible to problems as they become more electronic. Nasdaq is an all-electronic venue.
