Seems like someone made a booboo at the close of the NASDAQ last Thursday, dropping Google shares $350.
The supposed details of this massive error started at the close of NASDAQ when Google trading ended at 4pm with $387.12 a share. Shortly after closing, Google made an announcement that they had better then expected earnings, but less then the quarter before. 4:02 pm hit, and Google's shares dropped down to about $364, then gained steadily to $391. When the $391 per share price hit, it seems like someone at Nasdaq hit some wrong numbers when an Instinet-ATS order triggered trades at $38 per share between 4:10 and 4:12pm. When that started happening, trades starting going wild between $38.05 and $37.81.
Everything was sorted out and restored shortly after.
The New York Sun has some great stories about traders. Especially one who was told by his broker that his previous 200 share investment in Google at $380 per share, $76,000 total investment, was down $68,400. I'm sure someone at the Securities and Exchange Commission is going to have some major explaining to do.















