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Computer Problem Caused Price Errors on NASDAQ

Posted by Zonk on from the that's-an-oops dept.

buckthorn writes "An article running on Yahoo News states: 'A computer problem at an unidentified stock trader caused erroneous, exaggerated prices -- some as high as $950 per share -- to be posted to the Nasdaq Stock Market Friday morning for 1,680 different stocks, a spokeswoman for the Nasdaq said.'"

8 of 160 comments (clear)

  1. Mr President, Dr. Evil is on the line... by TripMaster+Monkey · · Score: 5, Funny


    Good afternoon gentlemen. As you are all no doubt aware, I have perfected a method of manipulating the various stock exchanges throughout the world. You received proof of this this morning, as relatively worthless Nasdaq stocks such as Maxco, Inc. and J.W. Mays Inc. traded briefly at hundreds of times their real value. I believe my latest caper, which I've puckishly dubbed 'Operation Stocking-Stuffer', is certainly worthy of your attention...

    You see, gentleman, when 'Operation Stocking-Stuffer' is deployed in earnest, all stock exchanges will be laid waste...all trade will effectively cease, and global civilization itself will crumble...that is...unless you pay me...



    One hundred billion trillion fafillion dollahs!!!

    (cue dramatic music)



    Gentleman, you have my demands...peace out.

    --
    ____

    ~ |rip/\/\aster /\/\onkey

    1. Re:Mr President, Dr. Evil is on the line... by xCepheus · · Score: 5, Funny

      I can picture the engineers over at Nasdaq...

      (a huge server farm where the racks are shaking violently and making strange noises)

      Engineer1: I need a young priest and an old priest!
      Engineer2: The power of Christ compels you!

  2. screaming into cell phone... by pudding7 · · Score: 5, Funny

    Sell! Sell!

  3. Not this again by Anonymous Coward · · Score: 5, Funny

    A problem where technology caused wildly erroneous stock prices? I liked it the first time around when it was called the dot com bubble. The parties were better.

  4. ObOfficespace quote by southpolesammy · · Score: 5, Funny

    Michael Bolton: I must have put a decimal point in the wrong place or something. Shit. I always do that. I always mess up some mundane detail.

    --
    Rule #1 -- Politics always trumps technology.
  5. Damnit! by Gogogoch · · Score: 5, Funny

    Damnit, I could have made some money! Except that my funds are tied-up in a Nigerian opportunity at the moment. But boy-o-boy is that opportunity gonna make me rich! Rich! I say!

  6. Re:"COMPUTER" error by Phisbut · · Score: 5, Insightful
    It was either a programming error (human) or an operator error (human) or some other cause.

    I love this quote :

    At the source of every error which is blamed on the computer you will find at least two human errors, including the error of blaming it on the computer.

    --
    After 3 days without programming, life becomes meaningless
    - The Tao of Programming
  7. I work for a fairly large electronic marketplace by djrok212 · · Score: 5, Insightful

    I was actively involved in todays "mess." The root cause of the problem was related to the prices which were using for electronically making markets in stocks which did not have any trades yesterday. When there is no activety for a stock in a day, the price quote is always 0 x 1900. The median of these two numbers is 950. A firm who makes markets in ALOT of stocks, accidentally changed their systems to use the midpoint at yesterdays close instead of the normal final print. So they started putting up quotes at 950.00 thus causing the problem. All the trades 15% out of the market from the previous close were broken. The money wasn't "removed" from peoples accounts since the proceeds or loses from a buy or sale of stock aren't realized for atleast 3 days.