Google's Out-of-This-World Stock Drop a Fluke
An odd thing happened before the stock market close yesterday. Google's stock was mostly flat all day, until 3:57 p.m., when it dropped severely. The shares, which opened Tuesday at $419.51, rose to a high of $423.51, then mysteriously plunged roughly 10 percent to $341.43 just minutes before the closing bell.
It turns out that the stock's drop was the result of erroneous trades sent from another exchange, according to a Nasdaq spokeswoman (via Dealbook).
According to Nasdaq OMX, which operates the Nasdaq stock market ... In a message posted on its Web site, Nasdaq said it was adjusting Google's closing share price to $400.52, or up 5.12 percent, and that it was canceling trades above $425.29 or below $400.52 made at or after 3:57 p.m.
Nasdaq said late Tuesday that it is "investigating potentially erroneous transactions," but didn't offer more details.
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MARKET PRICE
I once placed a trade at "market". I knew the stock was going to shoot up.
The stock shot up.I had a few thousand dollars in my account. A trade went thru somehow -- I purchased about $56,000 in shares !!
When I realized what had happened -- the stock had dropped and I had lost substantial money -- I contacted Ameritrade to alert that somehow these shares were purchased, not when I placed the order, with the funds I had -- but late --after the stock rose with funds I did not have.I got no relief or assistance.
I was not as upset about not earning $50 K --I was afraid of the $8k I now owed Ameritrade.
I thought -- how do "I" fix this --so I short sold the shares as
the stock dropped.
Beware of market.
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