Because why not? Here’s a dubstep tune created based on NASDAQ trading volume, along with Apple’s performance against the market, since 2009. The wobblier it gets, the more volatile the market. (ht Hacker News)
New York Stock Exchange to close trading floor, trade electronically for storm
The New York Stock Exchange said it will shut its trading floor starting tomorrow and invoke contingency plans to move all trading to NYSE Arca, its electronic exchange, as Hurricane Sandy heads toward the city.
Photo credit: Scott Eells / Bloomberg
Translation: Our financial system will continue moving without a physical presence.
Oops! Google hit “send” a little too early yesterday, causing a massive market blunder.
In a matter of minutes, the search-engine giant shed almost $20 billion in market value when R.R. Donnelley & Sons, the company in charge of its financial filing, published Google’s disappointing earnings report hours ahead of schedule.
The announcement would have weighed on the stock anyway, but releasing the news when markets were open spurred a frenzy of bearish trading. Stock market operators have built-in circuit breakers for shares that swing wildly, but Google reportedly requested that Nasdaq freeze its shares, which the platform did briefly.
“(Google) doing a Felix Baumgartner,” tweeted Joe Donohue, a professional investor using the handle @UpsideTrader.
The precision and care that must go into protecting a publicly traded company’s market value is nothing short of amazing, and not just because of the competition — as some poor folks at Google are now reflecting on, one mistake can cause a big hurt.
» As for the stocks affected: Some of the smaller stocks, like Wizzard Software (which made a dramatic leap from $3.50 to $14 as a result of the trading glitch) had their trades cancelled, with no penalties for the steep increases. Other bigger stocks, like Abercrombie & Fitch, are still being investigated. Glitches in complex software like this could be spooking smaller investors, already weary of the stock market after the financial crisis and the 2010 Flash Crash.
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Facebook’s stock sucking again, but that’s not the half of it — reports are coming out that two companies that execute trades for traders have lost between $60 and $70 million on botched trades during the Facebook IPO. It gets worse: NASDAQ is legally only liable to cover $3 million in botched trades in a given month (though NASDAQ is trying to get permission from the SEC to pay up to $10 million), so they might have lost a ton of money because NASDAQ screwed up.
cnbc:
Tumblr VP joined us on Squawk Box this morning to chat about - what else?! - FACEBOOK!
Today in universes colliding.
Watch: PCB gets a visual shout out on GMA’s Yahoo/Tumblr...
Wrote a thing.
Hat tip to this headline writer.
Congrats Tumblr!
Don’t screw this up Yahoo.
In 2007, I was...
I started tumblr when I was at one of the lowest points of...
Currently doing gangbusters: Yelp, which just launched its IPO today only to see it jump over 60 percent right out of the gate — despite the fact that stocks are down overall. That one-star review you wrote of that crappy restaurant near your house totally pushed them over the edge.
And then I asked him the question, I said .. ‘I would use it for buybacks if I thought my stock was undervalued.’ And I said, ‘How do you feel about that?’ The stock was 200-and-something. He said, ‘I think my stock is very undervalued.’ I said, ‘Well, what better to do with your money?’Warren Buffett • Explaining how, in a conversation with Steve Jobs a few years ago, the duo discussed what Apple should do with its huge cash reserves. Buffett told Jobs to buy back some of the company’s stock. Jobs reportedly later told his friends that Buffett agreed that they should do nothing with the money — which, in case you missed the last sentence, is the opposite of what he said. Since Jobs died last year, the company has discussed a stock buyback, though it’s made a number of acquisitions of late. The stock, currently at $526, is still considered undervalued.
» On May 20th, to be precise: The most successful private sectors early in 2012 have been finance and information technology, up nearly 13% when trading began today. The 13,000 figure is considered something of a benchmark for the Dow’s health, and while analysts are right to warn that the significance may be predominantly symbolic, the nature of investor confidence is such that a positive psychological message can itself be a big boon. The Dow crossed this threshold at a time when most attention was focused on Greece, which secured a second bailout from the Euro Zone as their fiscal crisis continued.
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