Several prices of huge companies listed on Nasdaq has seen an unusual movement of their stock prices on several websites; the prices have been skyrocketing and plummeting from different websites just before Monday’s market was finished. Most of the biggest tech companies were affected by the fallacious price movement due to some reported glitches.
Tech giants such as Google, Apple Inc, and Microsoft were all affected by the erroneous price movement caused by third-party data providers. A silver lining on the heinous event is that no stocks’ actual price was permanently changed or tampered and no trades were done at those fallacious prices according to a spokesman from Nasdaq.
Among the key companies that were dominant in the market such as the Amazon and the Microsoft Corp. saw their prices being more than halved their current market value. On the other hand, Apple’s shares prices were seemingly doubled on the presence of the glitch; while according to news reports, Google’s mother company Alphabet’s and eBay’s shares were priced at $123.47 on Monday evening.
All in all, the Apple’s shares were down by a tremendous 14.3%, while Microsoft’s shares were up by a stunning 79.1% which put the company on the value range of almost or more than $1 trillion; massive advancements from Zynga were also seen on the glitch as it manages to jump by 3,292%.
This mismanagement or glitch was happening when the US market was closed for a major holiday, the 4th of July. On Nasdaq’s defense, their website was running smoothly the whole time and operations were normally going by. According to a finance professor, James Angel, “I’m surprised it doesn’t happen more often,” and “We want these mistakes to happen when the market is closed on a holiday, rather than when the market is open for business.”
Reaction on the Glitch
Google noted that “We can confirm that our third-party finance data partner was providing some inaccurate information, which they received from Nasdaq. This is currently being fixed and we hope to update our stock price data shortly.”
While the Asia-Pacific Citigroup’s Mohammed Apabhai said “We’re more aware these days of the potential for glitches. If something falls by 10 per cent, you would probably worry more than if it’s 85 per cent,” and “A fall of 10 per cent would signal that people are reassessing value whereas an 85 per cent fall in New York look like something else is up.”
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