Google stock in weird, spurious plunge to $200 mark
Price reset after Nasdaq Google-whack
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. ®
naked shorting and hacks ?
So which aspects of these markets can't be hacked for profit in the current situation where taxpayers are being taken for $700,000,000,000 dollars in the US and banks can devour other banks with full impunity from the monopolies and mergers commission in the UK ?
Last month: Airline share prices whacked by "erroneous" items, thanks to an automated system run by Google.
This month: Google share prices whacked by "erroneous" items, thanks to an automated system run by the stock exchange.
Next month: RoTM makes share prices irrelevant ?
I think it was Fred MacAulay on Mock the Week (a UK current affairs comedy programme on BBC for those outside the UK) who said:
Al-Qaeda must be kicking themselves, they've spent years blowing themselves up tring to bring about the fall of Western Capitalism and it turns out all they had to do was take out a few mortgages.
(I also heard it on Clive Anderson's Chat Room).
Hopefully they heard that comment as it might stop our idiotic politicians going on about saving us from the Evil Ones(TM).