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Brier Dudley's blog

Brier Dudley offers a critical look at technology and business issues affecting the Northwest.

September 30, 2008 at 1:56 PM

Nasdaq cancels bargain-of-the-day Google stock trades

I hope nobody choked on an avocado in the Google cafeteria this afternoon.

Apparently a trading glitch briefly dropped Google’s once-golden stock to $200 this afternoon, before it closed at $341.43.

GOOG fell below $400 with the bailout gloom on Monday but bounced back to around $410 before trading abruptly plunged at the end of the day. In after-hours trading, it was back up to about $407.

It was fun while it lasted. Nasdaq just decided to cancel all trades below $400.52, and set the closing price at $400.52.

Its official statement:

Pursuant to Rule 11890(b) NASDAQ, on its own motion, has determined to cancel 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 between 15:57:00 and 16:02:00 ET. In addition, NASDAQ will be adjusting the NASDAQ Official Closing Cross (NOCP) and all trades executed in the cross to $400.52. This decision cannot be appealed. MarketWatch has coordinated this decision to break trades with other UTP Exchanges. NASDAQ will be canceling trades on the participant’s behalf.

Before the change was made, this was the day-end report showing the $200 low. Read it and weep, day-traders:

Googstock.JPG

Comments | Topics: Google

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