The Conservative Cave
Current Events => Economics => Topic started by: Duke Nukum on September 30, 2008, 07:47:54 PM
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Google stock fell on error; Nasdaq raises close
Tuesday September 30, 8:05 pm ET
Nasdaq says errors caused Google stock flop before bell, raises closing quote to reflect gain
SEATTLE (AP) -- 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 percent to close at $341.43.
Nasdaq said in a statement that erroneous orders routed to Nasdaq from another market center were responsible for the high volume of trades.
The exchange raised Google's closing price to $400.52 -- a 5 percent gain for the day -- and canceled all trades below that amount and above $425.29 between 3:57 p.m. and 4:02 p.m. EDT.
Link (http://biz.yahoo.com/ap/080930/google_nasdaq.html?.v=2)