Traders See Price Errors at Close in Apple, Google, Others


(Bloomberg) -- Apple Inc., Google-parent Alphabet Inc. and other major stocks had a bizarre last few minutes of trading Tuesday, as data glitches hampered U.S. markets for a second day.

The drama came at the close, following a day in which Apple had calmly traded above $208 for hours, poised for a more than 4% gain. When 4 p.m. arrived, the shares sank in an instant to $200.48, exactly where it had finished the day Monday. Minutes later the closing price was corrected to $208.97.

Many others followed a similar script. According to Nasdaq Inc., one of the major U.S. exchange operators, 80 stocks were affected, 13 of them Nasdaq-listed companies. They include Alphabet, International Business Machines Corp. and Bank of America Corp.

The problem, according to Ed Coughlin, Nasdaq's director of trading services, was that a broker-dealer incorrectly reported trades to an industry price feed -- something called the Finra TRF -- at stale numbers: Monday's close. Nasdaq notified the trading firm that it made a mistake, and the broker subsequently canceled the transactions with the bad prices and resubmitted them at the correct levels, Coughlin said. He declined to identify the broker.

"The incorrect trade reports happened after the market had closed and had no impact on continuous market trading," he said in an interview.

The issue occurred a day after errors in a feed run by the New York Stock Exchange delayed the calculation of closing levels for the S&P 500 and Dow Jones Industrial Average. It was also just a few hours after a separate problem at S&P Dow Jones Indices prevented the S&P 500 and Dow from updating for roughly 15 minutes earlier in the day.

"Our index management team has already resolved the issue and is currently assessing any necessary remediation to avoid further interruptions," said April Kabahar, head of communications at S&P Dow Jones Indices.

Though rare, problems with price feeds have occasionally dogged U.S. equity infrastructure in its electronic age. In August 2013, a computer error froze thousands of securities listed on the Nasdaq Stock Market for three hours in an interruption later attributed to a malfunctioning price feeds. The New York Stock Exchange halted trading for 3 1/2 hours because of a computer malfunction in July 2015.

"I don't think it's unprecedented," Chris Zaccarelli, chief investment officer for Independent Advisor Alliance, said of Tuesday's problem. "Once they corrected it, all these irregularities went away."

(Updates with a Nasdaq official's comments)

To contact the reporters on this story: Nick Baker in Chicago at;Elena Popina in New York at;Rachel Evans in New York at

To contact the editors responsible for this story: Jeremy Herron at, Chris Nagi

For more articles like this, please visit us at

©2019 Bloomberg L.P.


More Related News

Harley Halts Output of Electric Model Pivotal to Revival Bid
Harley Halts Output of Electric Model Pivotal to Revival Bid

(Bloomberg) -- Harley-Davidson Inc. has halted production of LiveWire, the debut electric bike it's counting on to attract new riders.The motorcycle maker recently discovered an issue during final quality checks, according to an emailed statement that doesn't provide details. Harley said it stopped production

Hong Kong Police Say They Found Improvised Explosive Device
Hong Kong Police Say They Found Improvised Explosive Device

(Bloomberg) -- Hong Kong police said a radio-controlled improvised explosive device was detonated near a police car on Sunday evening, the first time one has been used during months of unrest.The device was set off in Mong Kok in Kowloon about 10 meters (33 feet) away from a police car that had come to the scene to clear barricades, Suryanto Chin-chiu, superintendent of the explosive ordinance disposal bureau, told reporters on Monday. No injuries were sustained because no one was close enough to the device when it was detonated, he said.The aim of the bomb was to "kill and seriously harm police officers at the scene," Suryanto said. The bomb appeared homemade but it "required a certain...

Johnson Stumbles in Bid for Brexit Deal as EU Demands Answers
Johnson Stumbles in Bid for Brexit Deal as EU Demands Answers
  • World
  • 2019-10-14 05:43:22Z

(Bloomberg) -- Sign up to our Brexit Bulletin, follow us @Brexit and subscribe to our podcast.Boris Johnson's attempt to secure a Brexit deal ran into trouble after the European Union warned the talks were still a long way from a breakthrough and the British prime minister's political allies distanced themselves from his plans. The pound fell. After a weekend of intensive negotiations in Brussels, the EU's chief Brexit negotiator, Michel Barnier, told a meeting of envoys on Sunday that the U.K.'s proposals for breaking the deadlock over the Irish border lacked detail and risked leaving the single market vulnerable to fraud, officials said. The unionist party that backs Johnson's minority...

Billionaires Could Face Tax Rates Up to 97.5% Under Sanders
Billionaires Could Face Tax Rates Up to 97.5% Under Sanders

(Bloomberg) -- Billionaires may have much more to fear from a Bernie Sanders presidency than they do from an Elizabeth Warren administration, according to two economists advising both candidates.That's one of the conclusions of a new interactive website developed by University of California, Berkeley professors Emmanuel Saez and Gabriel Zucman.If Sanders had his way, they calculate that the 400 richest Americans, on average, would have an effective tax rate of 97.5%. That includes not only their income, but also a wealth tax that whittles away at the family fortune.The 97.5% average effective tax rate under his plans compares with 23% now and 62% under Warren's proposals, according to the...

China Denied U.S. Lawmakers Visas Over Taiwan Visit
China Denied U.S. Lawmakers Visas Over Taiwan Visit

(Bloomberg) -- China denied entry visas to a U.S. congressional delegation, with Chinese officials telling one congressman's staff members the visas would be granted for their trip only if they canceled a stop in Taiwan.Representative Sean Patrick Maloney, a New York Democrat, said in a Wall Street Journal op-ed that the quid pro quo amounted to "visa blackmail, designed to stanch the longstanding tradition of robust U.S. congressional engagement with Taiwan."Maloney warned Beijing that "ham-handed and obtusely enforced pressure campaigns" will only "invigorate congressional support for Taiwan." He said he will be exploring ways for Congress to "reinforce U.S. support for Taiwan" in the...

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply


Top News: Economy

Hit "Like"
Don't miss any important news
Thanks, you don't need to show me this anymore.