Google suffers mysterious stock plunge
Google’s stock plunged from around $400 to $249 overnight, due to what Nasdaq is calling “erroneous orders.”
The strange transactions started at around 3:57pm EST, just a few minutes before the markets were due to close and continued for the next five minutes.
Nasdaq claims the errors were probably routed from another exchange, though it has not revealed any further details on what might have caused the problems.
However, shareholders rubbing their hands in glee at picking up Google shares for nearly half their value found themselves disappointed. The Stock Market cancelled all transactions “at or above $425.29 and at or below $400.52 that were executed between 3:57 p.m. and 4:02 pm.”
The stocks were reset to $400.52, and have subsequently risen to $415 in after-hours trading. Nasdaq’s decision to cancel the transactions and reset the stock cannot be appealed by agitated traders.