The last-minute pounding Wall Street gave Google’s shares was caused by “erroneous orders” that Nasdaq says it is canceling.
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.
A spokeswoman for exchange parent Nasdaq OMX Group told Reuters in an email the “erroneous orders” that caused the abrupt plunge “were triggered by orders routed from another exchange.” She did not say which exchange routed the trade orders, but added the decision to cancel trades cannot be appealed.
The exchange raised Google’s closing price to $400.52 - a 5 per cent gain for the day- and canceled all trades below that amount and above $425.29 between 3:57 pm and 4:02 pm EDT.
A Google spokesman said the company declined to comment on the trading spike.
Tags: google, Google stocks fall on error