Huh? So a shareholder can wreak havoc on the markets by simply selling a small amount of shares (100) for a below-market price? Seriously?
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Apple Stock Trading Halted Briefly on Sudden 9% Drop
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Come on MR, it's bad enough you use Digitimes as a source but Business Insider. They're the Digitimes of the west.
Thanks for your investment advice.
Thanks for your investment advice.
If only aapl could go up to BRK-A stock prices. Currently trading at 121773. If only I had won the $150 million lottery back in 1997 when aapl was $3. If my math's right, I'd have over $12 trillion worth of aapl.
Probably angry that there was a problem in the first place & we just got lucky it was fixed before major problems happened.
There's a lot more to the stock market the pure "gambling" Give me another opiton that I can get a 10%+ return on and I will gladly use that
I wonder what would happen when the Steve Jobs Estate sells their shares, if they even can without impunity.
All those times I say "I wish I had Apple stock" or "I wish I had bought it when"... If I wasn't paying attention to the news, and I saw a sharp 9% drop like that, I'm pretty sure my heart would have simply exploded.
So now, I can proudly say that today, on this bright shiny Friday, I'm glad I don't have Apple stock. If I did, I may not have lasted until noon.
It triggers a circuit-braker. Even though the volume is small, such a trade is deemed abnormal and halts other trading:
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Really don't get why there is a mechanism to stop trading.
If you are relying on software to do your trading automatically and you start selling off because of a 100 share trade, you should lose money.
If you are relying on software to do your trading automatically and you start selling off because of a 100 share trade, you should lose money.
The price per share doesn't matter as much as the market cap and aapl has the biggest market cap of any public company so oh yeah 9% is HUGE!
Would it be totally preposterous to think that perhaps this wasn't an error? The growth in Apple's stock seems a little precariously rapid. I mean, own some myself, and am as happy as any other shareholder to see it this high, but I fear AAPL is overvalued at present.
I wouldn't be totally surprized if a firm liquidated a big chunk to perhaps incite some panic...
...Then again, maybe I've been watching Bitcoins too long.
-Clive
I wouldn't be totally surprized if a firm liquidated a big chunk to perhaps incite some panic...
...Then again, maybe I've been watching Bitcoins too long.
-Clive
Wirelessly posted
If someone was able to make a buy at that price successfully they just got $5,600 richer.
If someone was able to make a buy at that price successfully they just got $5,600 richer.
P2P currency is an inevitable future, whether it's Bitcoin or something else... it's "an idea whose time has come" to steal a Ron Paul quote.
I love the concept of the stock market/economy. It's so fragile and yet it drives so much of our lives. Lord.
Riiiight?! I loved the 2008 campaign when certain politicians stated "The fundamentals of the economy are strong" then BAM, the biggest economic disaster since the Great Depression.
*le sigh*
Riiiight?! I loved the 2008 campaign when certain politicians stated "The fundamentals of the economy are strong" then BAM, the biggest economic disaster since the Great Depression.
*le sigh*
You are allowed to sell your shares for $2000 under the market price if you want to but almost all trading software is designed to maximize momentary trading price for sellers and minimize for buyers. It will be interesting to hear later how this market maker messed up to allow an errant trade. They did give advance notice to the world 10 minutes before this event that they were having issues with a range of stock symbols in the A range, which is odd. One wonders if it was something simple like a database corruption that is somehow not mirrored or error checked.
BTW cool screen shot. I have never looked at individual trades before.
BATS itself traded down to a penny from around $15 and was itself halted. Pretty wacky stuff happening over there.
Rocketman
BTW cool screen shot. I have never looked at individual trades before.
BATS itself traded down to a penny from around $15 and was itself halted. Pretty wacky stuff happening over there.
Rocketman
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This trade happened on an auxiliary exchange that was having their IPO this morning. There was likely a huge amount of activity going on there that bogged down servers and caused a momentary glitch. This likely prevented bids and offers going into the exchange in an effective manner. It is also possible that professional HFTs detected the glitch and their systems didn't understand it so they cancelled all orders. This would trigger other systems to cancel orders and the 100 lot sell order (probably market order) got carried down to the executed price. Systems like these operate in microseconds so they cancel instantly and once things are orderly again will re-enter orders.
I haven't heard but I assume that there were bids of AAPL on other exchanges that this trade went through and that would be attributed to the glitch on BATS server.
Needless to say, very poor PR about the performance of the BATS exchange on the day of their IPO. And to all the individuals that say the world doesn't need Wall Streeters, good luck sticking your 401k savings in your mattress.
I haven't heard but I assume that there were bids of AAPL on other exchanges that this trade went through and that would be attributed to the glitch on BATS server.
Needless to say, very poor PR about the performance of the BATS exchange on the day of their IPO. And to all the individuals that say the world doesn't need Wall Streeters, good luck sticking your 401k savings in your mattress.
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Wha? The fact that this could happen AT ALL is alarming enough. Great, some software caught it. Now, if it's so great, explain how derivatives, Freddy and Fanny, betting against defaults, and simply using money you don't have on prostitutes and cocaine are fundamentally strong?
The problem here is with the people that run the system, and greed will always have a negative impact on the economy and the billions effected by it that hover around it like watchers in a game of roulette. Cause, you know, 2008 wasn't a bad year.
My father was an investment banker with Bear Stearns, I know all too well the games they play with money. Watch "Inside Job", and any faith you have in our "economy" will be shattered. Believe me.
BATS has been having problems all morning trading symbols between A and BF. They now say that they have resolved the issues for trading of these symbols, however trading of BATS shares have been halted until further notice. They opened lower than their IPO price of $16 per share.
A decidedly inauspicious IPO for BATS.
The problem wasn't specific to Apple although much of the media coverage has sensationalized the errant trade of AAPL without fully explaining the situation.
Journalism is dead.
A decidedly inauspicious IPO for BATS.
The problem wasn't specific to Apple although much of the media coverage has sensationalized the errant trade of AAPL without fully explaining the situation.
Journalism is dead.
