Glitch Causes Google Stocks to Fall to $200
Techtree News Staff, Oct 01, 2008 1718 hrs IST
The "drop" was actually a data glitch and that all trading conducted during the affected hours would be revoked, says NASDAQ.
In an apparent "data glitch", Google stocks sloped down to $200 from the opening price of $396 at the NASDAQ, wiping out some $62 billion in Market cap! Not that it actually happened. The glitch occurred during the last four minutes of trading and was capable enough to send shivers down the Google investors' spine.
The NASDAQ has since then clarified that the "drop" was actually a data glitch and that all trading conducted during the affected hours would be revoked. The following is the official statement from NASDAQ:
"Pursuant to Rule 11890(b) NASDAQ, on its own motion, has determined to cancel all trades in security Google Inc Cl - A "GOOG" at or above $425.29 and at or below $400.52 that were executed in NASDAQ between 15:57:00 and 16:02:00 ET. In addition, NASDAQ will be adjusting the NASDAQ Official Closing Cross (NOCP) and all trades executed in the cross to $400.52. This decision cannot be appealed. MarketWatch has coordinated this decision to break trades with other UTP Exchanges. NASDAQ will be canceling trades on the participant's behalf."
Via: TechCrunch
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