Contact Your Financial Adviser Money Making MC
4
July 2017
In
after-hours trading on the eve of the US Independence Day, a stock market data
error set major tech companies like Apple, Google and Amazon listed on the
Nasdaq exchange to the same share price of $123.47 late on Monday, that saw
Amazon going down 87% and Facebook game maker Zynga up a massive 3,292%. The Total Investment & Insurance Solutions
As
a result of the glitch, which Nasdaq said was caused by "faulty test data
being improperly disseminated by third-party vendors", several stocks
briefly showed their price to be USD123.47. The Total Investment & Insurance Solutions
Prices
on Nasdaq's official website appeared unaltered but the issue was replicated
across financial data services including Bloomberg, Thomson Reuters, Google
Finance and Yahoo Finance which displayed the incorrect price change, Financial
Times reported on Tuesday.
The
glitch made Apple appear down by 14.3%. The
Total Investment & Insurance Solutions
Nasdaq
said the glitch did not affect any market trading, including after hours.
However,
traders in Hong Kong were quoted as saying they saw a handful of trades
reported at those prices, although many deals were subsequently cancelled.
At
the USD123.47 price, Microsoft jumped 79.1%, which would value the company at
nearly USD1 trillion. The Total Investment
& Insurance Solutions
For
tech giant Amazon which had an opening price of USD972.79 a share, the error
had a catastrophic effect on the appearance of its market cap while other
companies like struggling Facebook game maker Zynga saw their stock price
soaring by a massive 3,292%.
If
the declines had actually occurred, it would have knocked USD104 billion off
the market value of Apple, the world's most valuable stock. Amazon's market cap
would have dropped USD396 billion, the report added. The Total Investment & Insurance Solutions
In
a statement to the Financial Times, Nasdaq said the culprit was "improper
use of test data" that was picked up by third party financial data
providers. The exchange said it was "working with third party vendors to
resolve this matter."The Total
Investment & Insurance Solutions
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