To say Google ‘s (GOOG) L2 looked odd today during trading hours is an understatement. Shares of the Internet search giant experienced an astronomic intraday dip in late afternoon as most tech stocks saw gains. Ticker’s PPS was trading somewhere in the mid 200’s, not to mention I thought I saw at one point the tape print $0.01.
Apparently a trading error or a technical glitch of some sort (Nasdaq is an all-electronic venue) briefly dropped GOOG to $200 this afternoon, before it closed at $341.43, down 10.4%.
Nasdaq, after saying the exchange was investigating trades that took place after 3:57 p.m. EST – three minutes before close, decided to cancel all trades below $400.52, and set the closing price at $400.52.
Here is Nasdaq’s official statement made 17:01 PM EST:
Pursuant to Rule 11890(b) NASDAQ, on its own motion, has determined to cancel all trades in security Google Inc Cl – A “GOOG” at or above $425.29 and at or below $400.52 that were executed in NASDAQ between 15:57:00 and 16:02:00 ET. In addition, NASDAQ will be adjusting the NASDAQ Official Closing Cross (NOCP)and all trades executed in the cross to $400.52. This decision cannot be appealed. MarketWatch has coordinated this decision to break trades with other UTP Exchanges. NASDAQ will be canceling trades on the participant’s behalf.
GOOG fell below the $400-a-share mark Monday for the the first time since mid-2006. In Nov. 7, ’07, the stock hit its all-time high of $747.24. It’s now approaching half that price.
The stock is up nearly 30% in after hours trading at $413 level.
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