Tuesday, July 4, 2017

Apple, Google And Other Nasdaq Stocks Swing Wildly In After-Hours Trading

Issue was caused by a data test, according to spokesman; Stocks including Apple and Google seemed to swing wildly.


By Annie Massa and Alex Webb
Bloomberg
July 4, 2017

An error at Nasdaq Inc.’s computer systems caused confusion among traders Monday, as Wall Street closed early for the July 4 holiday.

The exchange operator was conducting a test of its pricing data feed that led to some third-party providers showing wild moves in shares including Google Inc. and Microsoft Corp. that never occurred, according to spokesman Joe Christinat. Nasdaq is working with the providers to resolve the issue, he said.

The apparent swings came on a day that the U.S. stock market closed three hours earlier than usual at 1 p.m. While Nasdaq’s website said its systems were operating normally, trading screens around the world showed the likes of Amazon.com Inc. and Microsoft’s shares appearing to fall by more than 50 percent, while Apple Inc.’s stock was at one stage looking as if it had risen 348 percent. The data showed more than a dozen securities, including Nasdaq’s own company stock, at the same price, $123.47.

Nasdaq has had previous issues with its pricing data feed. In 2013, the exchange halted all trading in its listed stocks for about three hours because of a fault with the feed.

Bloomberg LP, the parent of this news organization, distributes Nasdaq data and was among those affected.


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