The Nasdaq stock market said it would cancel some trades of Google stock executed Tuesday in the minutes just before and after the stock markets closed. The cancelled trades were triggered by erroneous orders that were routed to Nasdaq from another market center.
Google’s stock, which fell $50 Monday, or 11.6 percent, to $381.00, reportedly fell another $60.50, or 15.9 percent, to $320.50, prior to Nasdaq’s decision to cancel certain unauthorized trades. Google’s official closing price for Tuesday will now be pegged at $400.52.
“Participants should review their trading activity for potentially erroneous trades outside the above referenced times,” Nasdaq said.
“It’s disturbing to watch the number of these things and there seem to be more and more,” said Laszlo Birinyi in an interview with Bloomberg News. His firm, Birinyi Associates of Westport, Connecticut, oversees more than $350 million. “We’re watching trades more closely.”