The shares of Google (NASDAQ:GOOG) finished the day off another 10% to close at $341 after a late trading day collapse. Curiously, GOOG is now trading back above $400 in after-hours trading. Begs a few questions, no?
SEATTLE — The last-minute pounding Wall Street gave Google's shares was caused by “erroneous orders” that Nasdaq says it is cancelling.
Minutes before the closing bell Tuesday, a flurry of trades sent the Web search leader's stock plummeting 10 per cent to close at $341.43.
Nasdaq said in a statement that erroneous orders routed to Nasdaq from another market centre were responsible for the high volume of trades.
The exchange raised Google's closing price to $400.52 — a 5 per cent gain for the day — and cancelled all trades below that amount and above $425.29 between 3:57 p.m. and 4:02 p.m. EDT.
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The Associated Press
October 1, 2008 at 11:42 AM EDT
SEATTLE — The last-minute pounding Wall Street gave Google's shares was caused by “erroneous orders” that Nasdaq says it is cancelling.
Minutes before the closing bell Tuesday, a flurry of trades sent the Web search leader's stock plummeting 10 per cent to close at $341.43.
Nasdaq said in a statement that erroneous orders routed to Nasdaq from another market centre were responsible for the high volume of trades.
The exchange raised Google's closing price to $400.52 — a 5 per cent gain for the day — and cancelled all trades below that amount and above $425.29 between 3:57 p.m. and 4:02 p.m. EDT.
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