Posted on 06/05/2024 9:05:54 PM PDT by SeekAndFind
The New York Stock Exchange on Monday said it had resolved a technical problem that has Class A shares of Warren Buffett's Berkshire Hathaway seemingly down almost 100%.
The issue prompted trading to be halted in Berkshire's A-class shares, along with about a dozen other companies, including Barrick Gold and Nuscale Power, both of which also showed faulty and steep declines. Trading continued in Berkshire's B-class shares.
The trouble arose shortly after the opening bell, impacting the likes of Chipotle Mexican Grill, Abbott Laboratories and other stocks. A list of impacted stocks can be seen here.
"A technical issue involving industrywide price bands published by the Consolidated Tape Association's Securities Information Processor triggered 'limit-up/limit down' trading halts on up to 40 symbols listed on NYSE Group exchanges.
Shortly before noon, the issue was resolved and trading in the impacted stocks resumed," a spokesperson for the exchange said in an email. "The NYSE is reviewing potentially impacted trades."
(Excerpt) Read more at msn.com ...
They’ll blame it on the “computers”, but almost certainly it was a fat-finger operation during a software update.
GOLD (Barrick Gold) stock went to .25 per share. Oh, if I had just had in a buy order for $1-3 per share. Shot back up to $17 a share.
Sounds like somebody is getting ready to take the system down. With all the cyber criminal and ransom crap it sounds like this was a hack.
This glitch, attributed to a software issue at the Consolidated Tape Association (CTA), lasted approximately 90 minutes and impacted other companies, such as Chipotle, Barrick Gold, and GameStop.
While the exact number of trades executed at the discounted price remains unknown, the NYSE acted swiftly, announcing the cancellation of all Berkshire Hathaway trades below $603,718.30 per share.
The ticker problem did not impact Berkshire Hathaway’s Class B Stock (BRK.B), and its Class A stock closed at more than $631,000 a share.
While disappointing to opportunistic traders, this event ultimately points to maintaining market integrity and preventing undue advantage from this consistent technical anomaly.
Wish I had timed it right to buy some today.
Wouldn’t all purchases on the “glitched” low be cancelled later in the day?
Computer trades can be completed in milliseconds.
A nimble trader could swoop in, effect a couple of multi-million-dollar trades, and then exit the market, liquidating his holdings, in mere seconds.
One could be on one's way to the Bahamas or Cayman Islands before the error was discovered.
Of course, I dunno about actually converting one's profits into easily-handled cash or physical stores of value, so...
It's still a nice pipe-dream!
Regards,
Seems like they have this unsettled trades status tally they keep a while after an executed trade - probably for just in case of these opportunities. The house is always protecting itself.
>> software update
such things likely done between 8PM Friday & 7AM Monday
Yeah, Schumer & Pelosi can do that, you & I cannot.
https://www.reddit.com/r/stocks/comments/1d75ui2/nyse_technical_issue_impacting_some_stock_prices/
WHEN this kind of thing happens-—they can find & reverse such trades.
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