Banking, finance, and taxes
NASDAQ Cancels Google Trades As Erroneous (GOOG)
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Today was a very strange day in Google Inc. (NASDAQ: GOOG) as far as a stock. As we suspected and went out with after seeing this too many times, NASDAQ has made a determination which will probably only cause minimal pain rather than catastrophic pain to many traders and investors. We do not have a new adjusted closing price besides that $341.43 as of yet, but you can bet one will be coming.
Here are NASDAQ comments from 5:01 PM EST:
- Pursuant to Rule 11890(b) NASDAQ, on its own motion, has determined tocancel 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 between15:57:00 and 16:02:00 ET. In addition, NASDAQ will be adjusting theNASDAQ Official Closing Cross (NOCP)and all trades executed in thecross to $400.52. This decision cannot be appealed. MarketWatch hascoordinated this decision to break trades with other UTP Exchanges.NASDAQ will be canceling trades on the participant’s behalf.
With today being quarter-end, this one could have been a disaster if the ruling went off differently than this.
Jon C. Ogg
September 30, 2008
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