Tuesday, July 6, 2010

Anadarko (NYSE:APC) Trading Stopped To Prevent Market Crash

Trading of Anadarko (NYSE:APC) shares was stopped this morning to prevent a market crash. There was a trade that triggered new individual stock breaker rules on the New York Stock Exchange.

Anadarko's trading was stopped from 10:56 am to 11:01 am. What spawned it was a trade that valued Anadarko's shares at $99,999.9 said Ray Pellecchia, New York Stock Exchange Euronext spokesman. The trade was canceled at 11:03 am and did not cause any other trades for the stock at the same price said Pellecchia.

This is the third time the NYSE has had to stop trading of a stock after several bad trades were thought to cause a short market crash back in May of this year.

"We are still learning from the experience. In all three cases, trading was suspended before the erroneous trades could cause broader effects in the market. The first two suspended stocks were Citigroup Inc. and Washington Post Co., said Pellecchia." Once trading commenced, Anadarko closed seeing a rise of 57 cents to $38.64.

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