Apple stock takes sharp plunge due to mistake

by Brendan Nystedt | March 23, 2012

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Due to a strange error, Apple stock was brought down nearly 10 points on Friday morning. Bloomberg blames the fault on Bats Global Markets Inc, whose IPO caused the Apple stock to take a tumble. According to their report, Bloomberg says that the BATS exchange tripped an alert that stopped trading of Apple’s stock, causing it to fall. The report says:

Bats’s shares, the first ever to be listed on its Lenexa, Kansas-based market, traded for pennies following the initial public offering at $16. Nasdaq OMX Group Inc. later said they were canceled and Bats suspended its own stock until further notice. At the same time, a single trade of 100 shares of Apple, the world’s most valuable company, triggered a circuit breaker that paused the stock.

It’s a bad start for the six-year-old equity exchange as a publicly trade company and it’s bad for Apple as well. This error is expected to be investigated so that such an event will not happen again.

Source: Bloomberg

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