Google (GOOG) May Have Gotten 'Fat Fingered' (NDAQ)
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Google (Nasdaq: GOOG) saw a notable 3.1 percent dip at the start of trading Monday and speculation started that it might have something to do with an activist hedge fund plunking-down $2 billion for a stake in Microsoft, but that might not be the case after all.
Data today points to a potential trading error, or "fat finger" trade, if you will.
Google plunged to $775 with two trades totaling 210 shares just after markets opened today. The stock then rebounded to $786 before settling within the same minute.
Market data research firm Nanex LLC said Google moved from $796 down to $775 in 0.75 seconds, popping back to $793 less than a second later. The firm's data suggests the move happened with 307 trades crossing and 57,255 shares from 10 exchanges and dark pools. Five orders were placed and cancelled for every one that went through on the move, Nanex noted.
Nasdaq did not issue a response on the move today or whether some trades would be cancelled. The exchange got in hot water last year when it fumbled through the IPO of social media giant Facebook (Nasdaq: FB), eventually settling with traders and institutions for about $62 million.
Google is up 0.6 percent mid-day Monday.
Data today points to a potential trading error, or "fat finger" trade, if you will.
Google plunged to $775 with two trades totaling 210 shares just after markets opened today. The stock then rebounded to $786 before settling within the same minute.
Market data research firm Nanex LLC said Google moved from $796 down to $775 in 0.75 seconds, popping back to $793 less than a second later. The firm's data suggests the move happened with 307 trades crossing and 57,255 shares from 10 exchanges and dark pools. Five orders were placed and cancelled for every one that went through on the move, Nanex noted.
Nasdaq did not issue a response on the move today or whether some trades would be cancelled. The exchange got in hot water last year when it fumbled through the IPO of social media giant Facebook (Nasdaq: FB), eventually settling with traders and institutions for about $62 million.
Google is up 0.6 percent mid-day Monday.
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