Trading of Apple stock was briefly halted on Wall Street Friday morning after the stock took a sudden drop of 9.4 percent. Just before 11AM EST AAPL plunged to $542.80.AppleInsider:
Just before 11 a.m., AAPL plunged to $542.80, down more than 9 percent in what The Wall Street Journal said was likely an accidental “fat-finger trade.” Five minutes later, trading resumed at a price just under $600.
The temporary halt was triggered by orders placed through the BATS Global Markets, which were well below where Apple ahd previously been trading. Orders first came in at $551.66 and quickly dropped to $542.80.
WSJ: “BATS has an alert on its website that it is ‘actively investigating an issue.’ The exchange issued an alert at 10:48 a.m. that there were ‘system issues in symbols range A through BF.'”
AppleInsider says, “Coincidentally, on Friday the Journal revealed that the SEC has initiated a probe into rapid-fire trade firms, prompted by the “flash crash” of May 2010 when stocks fell and rebounded sharply within minutes.”
CNBC is now reporting that Nasdaq is canceling the faulty Apple trades made on the BATS exchange.
Apple (AAPL) is currently trading at $596.23. (-3.11)