Banking, finance, and taxes
Knight Capital's Fat-Finger Trading Problems
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The good news is that stocks are back in positive territory ahead of the FOMC results today. The bad news is that some individual stock volatility around the open was said to be the result of an aggressive algorithmic trading program at Knight Capital.
Both CNBC and Bloomberg have not received any formal comments, other than that the trading firm is looking into trading issues. Though this is often called fat-finger trading, it can also be machines causing an error.
RadioShack Corp. (NYSE: RSH), Quicksilver Resources Inc. (NYSE: KWK) and Dole Food Company Inc. (NYSE: DOLE) are all up on the day, and these were three of the stocks reportedly involved in the fat-finger trading.
Knight Capital Group Inc. (NYSE: KCG) is down 8.4% at $9.46 on the day, but had been as low as $9.09 this morning. Be advised that the prior 52-week range was $9.92 to $14.00.
JON C. OGG
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