Feeds

Google stock in weird, spurious plunge to $200 mark

Price reset after Nasdaq Google-whack

Boost IT visibility and business value

For traders still reeling from Monday's massacre on Wall Street, it must have looked like manna from heaven: shares of Google for as low as $200.

Alas, it turned out to be a cruel mirage after Nasdaq OMX, which operates the Nasdaq Stock Market, canceled a block of transactions in late trading and reset the closing price to $400.52. Nasdaq blamed the mysterious bargain on "erroneous orders" that had been routed from another exchange. The decision to cancel the orders cannot be appealed.

Nasdaq, which is an all-electronic venue, didn't elaborate on the causes of the aberrant trades.

They started at about 3:57, just a few minutes before trading was scheduled to end. After trading mostly flat throughout the day, shares suddenly whipsawed wildly for a span of five minutes. As a result, trades of Google shares above $429.29 or below $400.52 that were executed between 3:57 and 4:02 have been canceled.

After appearing to settle well below $350, Google's closing price was reset to $400.52, up 5.1 per cent for the day.

Google investors weren't the only ones suffering a severe case of whiplash. Some trades of chemicals maker Rohm & Haas also had to be cancelled after briefly climbing as high as $100,000, according to Bloomberg News. It's still unclear exactly where the shares closed, but we're sure the number is considerably more terrestrial. ®

Boost IT visibility and business value

More from The Register

next story
iPad? More like iFAD: We reveal why Apple fell into IBM's arms
But never fear fanbois, you're still lapping up iPhones, Macs
Sonos AXES support for Apple's iOS4 and 5
Want to use your iThing? You can't - it's too old
Philip K Dick 'Nazi alternate reality' story to be made into TV series
Amazon Studios, Ridley Scott firm to produce The Man in the High Castle
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
Too many IT conferences to cover? MICROSOFT to the RESCUE!
Yet more word of cuts emerges from Redmond
Joe Average isn't worth $10 a year to Mark Zuckerberg
The Social Network deflates the PC resurgence with mobile-only usage prediction
Chips are down at Broadcom: Thousands of workers laid off
Cellphone baseband device biz shuttered
Feel free to BONK on the TUBE, says Transport for London
Plus: Almost NOBODY uses pay-by-bonk on buses - Visa
Amazon says Hachette should lower ebook prices, pay authors more
Oh yeah ... and a 30% cut for Amazon to seal the deal
prev story

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
Backing up Big Data
Solving backup challenges and “protect everything from everywhere,” as we move into the era of big data management and the adoption of BYOD.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Why and how to choose the right cloud vendor
The benefits of cloud-based storage in your processes. Eliminate onsite, disk-based backup and archiving in favor of cloud-based data protection.