“How can a trade that never happened be enshrined as Apple’s all-time high?” Philip Elmer-DeWitt reports for Fortune.
“It wasn’t real,” P.E.D. reports. “It was an artifact of the options market that made it look like someone on the Chicago Stock Exchange had bought $1.26 million worth of Apple for 2% above market price — something nobody in their right mind would do.”
“It was a phantom trade, a chimera, yet it was duly posted as Apple’s 52-week high on financial sites around the Web — including Google and Yahoo — where it still stands two days later,” P.E.D. reports. “These outliers surface from time to time, but Apple seems to get more than its share… Hello, SEC? Anybody watching this?”
Read more in the full article here.