Glitch causes big swings in some stocks

Aug 01, 2012 by PALLAVI GOGOI

A technical glitch at a major processor of stock trades caused wild swings in a number of stocks.

Some stocks moved dramatically shortly after the opening of trading on Wednesday. Wizzard Software, which closed Tuesday night at $3.50, shot above $14 in the first minutes of trading, according to data compiled by FactSet.

The glitch occurred at Knight Capital, one of the largest processors of . The company said in a statement that a "technology issue" had occurred in its market-making unit related to the routing of shares of about 150 stocks to the .

Knight told its clients to send their orders away from its system and said it was reviewing the issue.

Knight's stock plunged $2.46, or 24 percent, to $7.87.

Explore further: Viacom CEO's 2014 pay rises 19 percent to $44.3 million

not rated yet
add to favorites email to friend print save as pdf

Related Stories

Nasdaq readies payouts for Facebook IPO glitch: WSJ

Jun 05, 2012

Nasdaq is taking steps toward compensating investor losses due to computer glitches that fouled trading on the first day of Facebook's $16 billion IPO, the Wall Street Journal said Tuesday.

Morgan Stanley may refund some Facebook investors

May 24, 2012

(AP) -- Morgan Stanley, the lead investment bank in Facebook's troubled initial public offering, will compensate retail investors who overpaid when they bought Facebook's stock in Friday's IPO, according to a source familiar ...

Recommended for you

Microsoft profit dips as revenue rises

7 hours ago

Microsoft on Monday reported that its quarterly profit dipped as revenue increased with help from sales of Surface tablets, Xbox One consoles and cloud services.

IBM "flatly denies" report of mass layoffs

12 hours ago

Calling it "ridiculous" and "baseless," IBM on Monday dismissed a report that said the technology giant plans to lay off 1 in 4 of its workers, or 100,000 people.

NHL sends GoPro cameras onto the ice

Jan 23, 2015

Ice hockey fans will get a new perspective on the fast-moving game when National Hockey League players don GoPro cameras, starting with this weekend's all-star fixture.

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.