Nasdaq glitch sets Alphabet & other shares to $123.47 in non-existent stock crash
05 July, 2017, 00:19 | Author: Paula Vaughn
For a short time on Monday night, USA time, the stocks of the likes of Apple, Microsoft, AmazoneBay and Zynga were all listed at a price $123.47.
Google'swebsitesays Swiss-based SIX Financial Information provides end-of-day prices, and New York-based Interactive Data Real-Time Services provides intra-day prices.
The swings came on a day that the US stock market closed early at 1:00 pm, on the eve of the US Independence Day holiday. An 87% plunge in Amazon stock would have wiped almost $400 billion off the company's market capitalization.
The error occurred after U.S. markets had closed, but still likely gave a fair share of traders a heart attack. As a result of the glitch, several stocks briefly showed a price of $123.47, which would have reflected a 14% fall in AAPL stock, an 87% drop in AMZN stock, and a 79% jump for MSFT stock. Still, the problem is serious enough to push Nasdaq officials to investigate how misinformation could be passed on to third party sites.
A Nasdaq glitch caused a number of major trading platforms to display Alphabet's share value as $123.47, some 86% below its true value at the time.
By early Tuesday, the correct data was starting to appear on the websites affected.
"As part of its normal process, the UTP distributed test data and certain third parties improperly propagated the data".
A spokesman for Nasdaq said the exchange operator was conducting a test of its pricing data feed, which was mistakenly distributed to Google Finance and Yahoo Finance by third party providers. It appears that market trading was not affected, including pre-market trading.
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