UPDATE: BATS (BATS) Implodes on IPO Day
Tweet Send to a Friend
(Updated - March 23, 2012 12:15 PM EDT)
BATS (OTC: BATS) had the worst possible IPO debut any manager could come up with in their worst nightmare.
BATS, a stock exchange, choose to brings its stock public via its own exchange Friday. That's when the problems started.
At 10:45AM - the IPO for BATS opened $15.25, the stock was halted shortly after amid widespread system issues. On other exchanges, the stock was trading as low as $0.038.
At 10:48 - the BATS system issued an alert saying it is currently investigating system issues trading in symbols ranging A through BF.
At 10:57AM - a bad trade on BATS triggered a trading halt for NASDAQ-traded Apple (Nasdaq: AAPL).
At 11:07AM - BATS BYX Exchange declared self-help against BATS BZX per Rule 611 of Regulation NMS. Routing to BATS BZX was suspended as of 11:07:04 ET.
The company said the stock will remain halted until further notice.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
BATS (OTC: BATS) had the worst possible IPO debut any manager could come up with in their worst nightmare.
BATS, a stock exchange, choose to brings its stock public via its own exchange Friday. That's when the problems started.
At 10:45AM - the IPO for BATS opened $15.25, the stock was halted shortly after amid widespread system issues. On other exchanges, the stock was trading as low as $0.038.
At 10:48 - the BATS system issued an alert saying it is currently investigating system issues trading in symbols ranging A through BF.
At 10:57AM - a bad trade on BATS triggered a trading halt for NASDAQ-traded Apple (Nasdaq: AAPL).
At 11:07AM - BATS BYX Exchange declared self-help against BATS BZX per Rule 611 of Regulation NMS. Routing to BATS BZX was suspended as of 11:07:04 ET.
The company said the stock will remain halted until further notice.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- Apple (AAPL) Streaming Music Service Could be Delayed - The Verge
- Top 10 News for 05/13 - 05/17: Tesla Can't be Stopped; Tepper Still Bullish; Sony Gets in Play
- Can AMD (AMD) Shake Off the Goldman Downgrade?
Create E-mail Alert Related Categories
IPOs, Trader Talk
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
