Holy cow!
NYSE Breaks Trades That Sent Anadarko Petroleum Shares Down 99%
By Michael P. Regan - May 17, 2013 4:52 PM ET
The New York Stock Exchange broke trades in Anadarko Petroluem Corp. executed at or below $87.56 in the final minute of today’s session.
The transactions drove Anadarko down as much as 99 percent to 1 cent in the final second of trading, theoretically wiping out almost its entire $45 billion in market value. The stock recovered and ended the session at $90.03, up 2.5 percent on the day. Trades at $87.56 were 0.3 percent lower than the stock’s closing price yesterday and 2.7 percent below its close today.
The 26 trades at 1 cent occurred on the NYSE where the shares are listed, according to data compiled by Bloomberg.
John Christiansen, an Anadarko spokesman, declined to comment and referred questions to the NYSE.
To contact the editor responsible for this story: Michael P. Regan at mregan12@bloomberg.net
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