Trading Glitch Sends Stocks Scrambling

Tech issue causes rush of volume for stocks on the NYSE

   

Trading Glitch Sends Stocks Scrambling

Earlier Wednesday, a trading glitch caused unusually sharp movement in a variety of stocks on the New York Stock Exchange. The error came from a technology issue at Knight Capital (NYSE:KGC).

Because of the glitch, trading volume was unusually high in the first half-hour of trading and actually caused a trading halt for some shares because of excessive volatility.

Correlogic (NASDAQ:CLGX) was one of the stocks that saw such a halt in trading, while Molycorp (NYSE:MCP) instead saw its shares plunge by double-digit percentages after the bell before settling in for a more level 4% loss. Big names like General Electric (NYSE:GE) and Best Buy (NYSE:BBY) also were hit by the glitch.

The trades currently are being investigated, and the U.S. Securities and Exchange Commission is monitoring the situation.

All in all, around 150 were hit by the glitch total. Here’s the list that the NYSE provided:

stocksTable Trading Glitch Sends Stocks Scrambling


Article printed from InvestorPlace Media, http://investorplace.com/2012/08/trading-glitch-sends-stocks-scrambling/.

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