There’s a good chance your broker gave or received CPR today… especially if he or she is a tech stock trader.
On Friday morning, Apple was subjected to a so-called “flash crash,” as shares of AAPL were briefly halted on Wall Street as traders panicked during an out-of-nowhere stock drop that dragged the iPhone maker almost 10% lower in a split second.
“A single trade of 100 shares at a price of $542.80 hit the tape at 10:57 coming from the BATS Exchange,” CNBC reported. “The previous trade seconds earlier was at a price of $598.26.”
Although an error trade is already being called the culprit by some, other factors could be involved, say analysts speaking with CNBC.
Nine minutes before the way out of market trade took place, BATS sent an alert stating, “Please be advised that BATS is currently investigating system issues trading in symbols range A through BF.”
Nasdaq has since cancelled the trades and AAPL is back to it’s pre-crash level around $600