What The Hell Happened to Google (GOOG)?* in NOCPGOOG
By Silicon el 30-Sep-2008
UPDATE: We still don't know what happened--something about "erroneous orders routed to the exchange"--but NASDAQ has now cancelled all Google trades from 3:57 ET to 4:02 ET. And some traders aren't happy about it..
EARLIER: Market up 485 points (5%) and Google (GOOG) up strong most of the day. Then, five minutes before the close, according to both Yahoo and Google Finance, it spiked briefly...and then tanked. It closed down $40 (10%).
And now, unless Yahoo's data is wrong, Google's up $68 (20%) in the aftermarket, to where it was trading most of the day.
*UPDATE: NASDAQ is breaking the end of the day trades in Google. Here's the official notice from NASDAQ:
NASDAQ Operations has recently updated the status of the following NASDAQ Market System(s) to the NASDAQ Trader website:
Pursuant to Rule 11890(b) NASDAQ, on its own motion, has determined to cancel all trades in security Google Inc Cl - A "GOOG" at or above $425.29 and at or below $400.52 that were executed in NASDAQ between 15:57:00 and 16:02:00 ET. In addition, NASDAQ will be adjusting the NASDAQ Official Closing Cross (NOCP)and all trades executed in the cross to $400.52. This decision cannot be appealed. MarketWatch has coordinated this decision to break trades with other UTP Exchanges. NASDAQ will be canceling trades on the participant's behalf.
Reuters: A spokeswoman for exchange parent Nasdaq OMX Group (NasdaqGS:NDAQ - News) told Reuters in an email the "erroneous orders" that caused the abrupt plunge "were triggered by orders routed from another exchange."
CNBC's explanation, courtesy Allen Stern/Centernetworks/Viddler:
See Also: Bizarre Google Stock Moves: Traders React Google Breaks $400...And Still Not Cheap
UPDATE: We still don't know what happened--something about "erroneous orders routed to the exchange"--but NASDAQ has now cancelled all Google trades from 3:57 ET to 4: [..] Read complete article
Published 30-Sep-2008 by Silicon in NOCPGOOG Read 0 times. More hits in
UPDATE: We still don't know what happened--something about "erroneous orders routed to the exchange"--but NASDAQ has now cancelled all Google trades from 3:57 ET to 4: [..] Read complete article
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Some big-name advertisers are mad at Google (GOOG) for not cracking down on a controversial advertising technique called "piggybacking," the WSJ reports. What's piggybacking? One example: A small company using a bigger rival's brand [..] 
From Clusterstock: Citi's Mark Mahaney reiterated his Buy on Google (GOOG), citing the fact that Google's Q2 "normalized" earnings would have been better were it not for abnormally large pro [..] 
The relationship between Google (GOOG) CEO Eric Schmidt and Apple Inc., on whose board he sits, must, at times be incredibly awkward.Google is developing Androi [..] 
At some point, someone is going to figure out targeted, Google-style TV advertising. Startups and ad agency holding companies are trying their hands at it. So are the cable operators and G [..] 
Not that anyone ever expected Google to chase after Microsoft's (MSFT) new "Cashback" gimmick, but at Goldman's annual Internet conference, Google product director Nicholas Fox didn't [..] 
Microsoft (MSFT) and Google may be bitter rivals, but sometimes a deal makes sense for both companies. Like today's announcement: Google's (GOOG) DoubleClick is now capable of serving video ads into Micros [..] 
Apple's new iPhone will likely go on sale sometime next month, while phones running Google's Android operating system aren't set to launch u [..] 
