UAL Corp. (NASDAQ: UAUA) shares were halted after what seemed to be a sudden and massive mystery stock tank to most observers. There were erroneous reports circulating that the legacy airline carrier was going to file for bankruptcy protection which sent shares south this morning. This stock was trading at $12.00 most of the morning and suddenly tanked to under $6.00 before recovering. So far this morning after the halt we have seen reports out of at least two major news sources such as CNBC and Dow Jones. Shares were halted at 11:06:57.
If you go back to past trading halts like this on either false news oron false rumors, there is a chance that the intra-day trades will getbusted going back to a certain time stamp that is far sooner than theactual price drop. It will be a while longer before the outcome hereis known, so if you were one of the traders in the stock today youbetter have someone check the status of the trades.
As of yet there has been no statement formally issued in SEC FILINGS nor in a press release that confirms or denies any of this data. Stay tuned. A statement should be out soon from the company.
Jon C. Ogg
September 8, 2008
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