“Apple shares dropped sharply just a few minutes ago, falling a whopping 9.4% and hitting a low of $542.80,” Steven Russolillo reports for MarketWatch.
“Shares [were] currently halted after hitting a single-stock circuit breaker,” Russolillo reports. Looks like a fat-finger trade, but no conclusive evidence yet.”
Russolillo reports, “The stock was halted for five minutes from 10:57 a.m. Eastern Time to 10:52.”
MacDailyNews Take: “Wait a minute. Strike that. Reverse it.” – Willy Wonka
Russolillo reports, “CNBC is now reporting that Nasdaq is canceling the erroneous Apple trades made on the BATS exchange.”
Check out the chart in the full article here.
[Thanks to MacDailyNews Reader “Arline M.” for the heads up.]
Time seems to be backwards
Saw that wondered what had happened. Hope noone’s trailing stops got triggered.
Geeze, somebody’d beefed in that situation!
I was thinking the same thing.
50 point drop would encompass a lot of stop loss thresholds.
I gave up on those stop losses a long time ago. However, I should have some buy orders in place at about 10% and 15% under the prior day’s close for just this kind on thing.
That’s today stock market. Normal investors are in the vast minority. Most trades are done by computer algorithms that are programmed to do strange things in nanoseconds.
Other than investing in Apple, stock market investing these days is a very dangerous business.
Isn’t that the truth!
Huh? If a trade was fat fingered, it had NOTHING to do w/ algorithms, but an idiot with a fat finger! If you’re responding to the poster who mentioned stop loss orders triggering, they’ve been around for decades….they’re a basic trade that has nothing to do with “today’s stock market”.
I just wish I had a limit set to close out my aapl puts (bought as a hedge to my long position) during the confusion 🙂
All trades of any stripe canceled. It never happened.
Nice try, Zacky put holders.
Can somebody more stock-savy than me explain?
“Russolillo reports, “CNBC is now reporting that Nasdaq is canceling the erroneous Apple trades made on the BATS exchange.” ”
Does that mean that all auto-sell orders for AAPL would be cancelled, or only a subset?
I did not sell anything, so it does not effect me directly. Just wondering?
So BATS goes batty on its first day and one trade causes AAPL to dive 9%. Oops! Now that’s scary!
So now the CNBC dolts are suggesting that, despite BATS screwing up their ticker spelling and causing the AAPL crash with one trade, that maybe Apple isn’t such a good stock to be holding – it’s risky!. Astounding absence of logic from those boneheads.
On MacRumors, they are reporting that it was a trade of 100 shares. I don’t know if that’s what was intended but extra zeros were added? I can’t see how 100 shares can even dent Apple’s stock price.
Really? Last time I stopped activity when something was getting fat-fingered a chunk of my hair got pulled out.
What? It happened to keep some from getting screwed?
Exactly!
This is funny, dammit!
The third-largest stock exchange in the US, behind NASDAQ and NY, suffers a systemic infestation during its grand opening celebration that causes Apple shares to briefly lose billions of dollars, while their own IPO debuts for pennies! Ha ha ha ha
Can you imagine the looks on all those freshly scrubbed faces peering cheery eyed at the ticker tape as their IPO begins appearing for pennies a share?
Wait a minute! That’s not right?!!! WTF!
Then someone calls in to buy a hundred shares of AAPL and the transaction blows a circuit breaker? That’s rich! Ha ha ha ha
That’s quite an auspicious debut for what many believe is American Finance 2.0 being taken out of Beta. This stock exchange has been in operation for six-years now, and whose genesis was the creation of an equity exchange WITHOUT all the fees associated with doing business with the other two exchanges.
So today they opened their doors and it was chaos from the opening bell. Not to worry though, because they’re in good company. Today, Microsoft’s Windows 8 tablet crashed during a public demonstration! Ha ha ha ha ha
Man this is good stuff!