Google down 16%

[ATCJeff]

Did anybody catch this?

NASDAQ had Google closing at $320.50. http://finance.google.com/finance?q=NASDAQ%3AGOOG

But wait......

http://www.marketwatch.com/news/story/erroneous-orders-routed-nasdaq-result/story.aspx?guid=%7B1259BE8D-B660-4FD4-B937-CA89CA5CF948%7D&dist=hppr


Wow. I bet some people are mad as hell if they thought they bought it below the $400 range. Now I wonder if the newspapers will have the right price in the morning. Could be a lousy breakfast for some when they grab their paper and think Google closed at $320.:D

[James48843]

What the heck is that???

Sounds like the training wheels falling off the NASDAQ exchange in the last five minutes of trading. Either somebody is manipulating the market illegally, or there is one HECK of a problem over at NASDAQ.

My money is the first one.

[budnipper1]

Did anybody catch this?
NASDAQ had Google closing at $320.50. http://finance.google.com/finance?q=NASDAQ%3AGOOG
But wait......
http://www.marketwatch.com/news/story/erroneous-orders-routed-nasdaq-result/story.aspx?guid=%7B1259BE8D-B660-4FD4-B937-CA89CA5CF948%7D&dist=hppr
Wow. I bet some people are mad as hell if they thought they bought it below the $400 range. Now I wonder if the newspapers will have the right price in the morning. Could be a lousy breakfast for some when they grab their paper and think Google closed at $320.:D

Google Declines 10% in Error, Says Nasdaq
http://blogs.barrons.com/techtraderdaily/2008/09/30/google-10-drop-in-shares-may-be-error-says-nasdaq/trackback
Update: The Nasdaq this evening put out a statement (http://www.nasdaq.com/newsroom/news/newsroomnewsStory.aspx?textpath=pr2008\ACQPMZ20080 9301844PRIMZONEFULLFEED151328.htm&cdtime=09%2f30%2f2008%20+6%3a44PM&title=Erroneous%20Orders%20Routed%20to%20NASDAQ%20 Result%20in%20Cancelled%20Trades) that the actual closing price of Google today should have been $400.52, and that there were erroneous orders placed for Google shares at or above $425.29, and at or below $400.52 between 3:57 pm Eastern time and 4:02 pm Eastern time. Nasdaq has cancelled those erroneous trades, according to the statement. The only explanation offered was that “The cancelled trades were triggered by erroneous orders that were routed to NASDAQ from another market center.”
That means that the final close for Google, $400.52, was 5.1% above Monday’s close of $381, and the after-hours bounce in the stock, to $413.55, was not the 28% to 29% from the close reported on many financial Web sites, but rather 3.3%.
I wonder whether there was some larger breakdown today. After-hours prices seemed strange for several stocks, veering back and forth between downticks, upticks, and unchanged. Or it could have just been a lot of frenetic trading. We may never know.
Posted by Tiernan Ray