Berkshire Hathaway down -NYSE Resolves Technical Glitch After Berkshire Hathaway Plummets 99.97%”

The New York Stock Exchange
The New York Stock Exchange said Monday’s technical issue is related to a mechanism designed to prevent stock prices from swinging wildly. zz/NDZ/STAR MAX/IPx/AP

Berkshire Hathaway down -NYSE Resolves Technical Glitch After Berkshire Hathaway Plummets 99.97%”

On Monday, the New York Stock Exchange faced a technical hiccup that led to a temporary halt in trading for some major stocks, sending Berkshire Hathaway’s stock plummeting by a jaw-dropping 99.97%. However, the NYSE swiftly resolved the issue, announcing that all systems were back up and running smoothly.

Contrary to initial concerns of a cyberattack, the parent company of NYSE, Intercontinental Exchange (ICE), found no evidence of foul play. Instead, the NYSE attributed the problem to a “technical issue” related to industry-wide price bands set by the Consolidated Tape Association’s Security Information Processor (SIP). These bands, designed to regulate trading within certain limits, triggered halts for numerous stocks listed on the NYSE.

During the disruption, several stocks, including Chipotle and Warren Buffett’s Berkshire Hathaway, experienced trading pauses due to exceeding these limit bands. Notably, Berkshire Hathaway’s Class A shares briefly showed an inexplicable price of $185.10, marking a staggering loss of 99.97% from its previous close.

While the NYSE’s explanation may not satisfy everyone, trading expert Joe Saluzzi expressed skepticism, citing the abrupt and nonsensical nature of the trades. Nevertheless, he anticipated that the erroneous trades would be rectified by the NYSE.

Fortunately, the technical glitch appeared to have minimal impact on the broader stock market, with most halted stocks and ETFs only experiencing marginal fluctuations. Among the affected stocks, Barrick Gold and NuScale Power notably showed drastic price distortions before returning to normalcy.

As the situation unfolded, updates and additional context were provided to keep investors informed of the evolving situation.

read more here:

READ ABOUT MEXICO ELECTION HERE

Leave a Reply

Your email address will not be published. Required fields are marked *