UAL Confusion Clarification (UAUA)

By Douglas A. McIntyre Published Sep 8, 10:27AM EDT

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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

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.