NASDAQ Cancels Google Trades As Erroneous (GOOG)

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By Douglas A. McIntyre Updated Published
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Google_image_2Today 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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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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