Apple stock just keeps going up, up, up… except when some computer goes bananas, starts screaming “SELL SELL SELL” and all of Wall Street panics. Which is pretty much what happened earlier today, when Apple stock lost 9% of its value in just a blink of an eye.
There’s not much info on what happened yet, but according to Business Insider, AAPL stock was halted after it crashed 9% to $542.80 in a short time. Suspecting something was afoul, Wall Street took a look at things, and when the stock started trading again a little later, it opened back up at $598.39.
What happened? There are only theories, but the most likely explanation is that a trading error and a mistaken order to sell caused a chain reaction. As if Apple’s stock would plunge 9% after record iPad sales and the announcement of dividends.
[via MacRumors]
John Brownlee is a writer for Fast Company, and a contributing writer here at CoM. He has also written for Wired, Playboy, Boing Boing, Popular Mechanics, VentureBeat, and Gizmodo. He lives in Boston with his wife and two parakeets. You can follow him here on Twitter.
7 responses to “Wall Street Error Causes Apple Stock To Plunge By 9% In Just Seconds”
how economists screw things up :(
I’m very disappointed. I was sure some rabid anti-Apple person was going to post something about how this proved how terrible Apple products were.
This is why Wall Street shouldn’t rely solely on computers.
That happens when you base your business on windows software…
It’s not a mistake, it’s a buying opportunity!! Wish I’d noticed when it happened, wow, 9% discount on AAPL.
Ur comment just made my whole day. So for that I thank u sir! :)
I think you can go to Ebay they might still sell Apple stock at s discount !!! LOL!!