Companies like Apple and Amazon saw a halt in trading last night. Leading U.S. tech stocks have suffered a technical glitch ahead of the Independence Day holiday that has led to whipsaw trading and strange pricing, with Amazon (AMZN) and Apple (AAPL) having their prices set at $123.47 iThe prices of shares in some of the world’s biggest companies seemed to alternately plummet or soar in after-hours trading on Nasdaq Inc.’s flagship exchange.
The likes of Amazon.com Inc. and Microsoft Corp.’s shares appeared to fall by more than 50 percent, while Apple Inc.’s stock was at one stage trading 348 percent higher, data from post-market trading on the Nasdaq Stock Market showed on Monday. That gave the iPhone maker a theoretical market capitalization of $3.4 trillion, compared to the $751 billion at which it was valued when trading closed on Friday.n after-hours trading.
The glitch and the trading halt raise questions about the pitfalls of computer-driven stock trading and echo other stock market snafus from the past few years. The “flash crash” in 2010 caused the Dow Jones industrial average to drop nearly 600 points in five minutes. Facebook’s IPO last year was disrupted by technical problems.
The trading glitches can also be costly to an exchange. Nasdaq in May agreed to pay a $10 million penalty to settle federal civil charges after regulators said its systems and decisions disrupted Facebook’s initial public stock offering. The company set aside $62 million in the first quarter to reimburse investors who lost money due to technical glitches during Facebook’s IPO.
Folks, chime in with your ideas and thoughts about how this will play out, on Thursday, when the Markets open again, or on the World Markets. In a volatile time in the economy, was this really a glitch? Open Discussion. Let's hear from you.
Sources:
http://www.barrons.com/articles/apple-amazon-share-prices-go-haywire-on-technical-glitch-1499133545
http://hamodia.com/2013/08/22/stock-of-nasdaq-exchange-owner-drops-after-glitch/
Any angst in market is a negative contributor to the total outcome of the market. This time they shot themselves in their own foot. Down with the bourgeoisie and in with the cryptos.
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Don't have to worry the plunge protection team will smooth it out and then smack the Vix and Gold !
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If u are interested in investing in cryptos, check out my last research: https://steemit.com/bitcoin/@vikky/top-3-cryptocurrencies-to-invest
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Thank you. I will go and give it a read. I am now following you
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I do) if u like my blog. U can do it back
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a major Glitch
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Tell me about it, but how do you think the response will be. Holding my cryptos
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@gardengirlcanada thanks for the detailed information. I'm new to stock trading but following the post above I think glitch of the trading is the cause of it all. I upvoted you
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Thank you. The stock market is a world on it's own, lot's to learn, but the economy has been suffering big time, so a glitch, seems too fishy for me. Just saying.
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Maybe it was a test run for the big event. Not unlike Cyprus and Greece here in europe? Who Knows
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Maybe.....I just don't like it. But you are right. Something big is going to happen this summer.
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