A NASDAQ Testing Error Locked The Prices Of Various Tech Company Shares At $123.47
The problem was supposedly caused by testing data being improperly propagated by third parties.
A stock market data error in the US on Monday evening played havoc with the stocks of major tech companies, prompting surprise responses from many.
The glitch on the Nasdaq exchange ended up setting the share prices of multiple companies at exactly $123.47, dropping a few tech companies¡¯ stock prices to extreme lows, while boosting usually less successful ones.
Seems like all systems are running at 123.47% over at good ole' @NYSE! ? pic.twitter.com/2IvhkVaISk
¡ª Anil Dash (@anildash) July 4, 2017
In an official statement , Nasdaq said the reason for the error was ¡°improperly propagated test data¡± that was picked up by third party financial data aggregators, going on to say it was ¡°working with third party vendors to resolve this matter.¡±
As part of its normal process, the UTP distributed test data and certain 3rd parties improperly propagated the data.
¡ª Nasdaq (@Nasdaq) July 4, 2017
It¡¯s still not clear how the error began occurring, though it seems third party vendors picked up and promoted test data from an evening test procedure. The prices were then replicated across major financial websites, including Bloomberg, Google Finance, and Yahoo Finance.
The @NYSE API is informing the world that a bunch of stocks just got set to $123.47 or so. That seems...not good. pic.twitter.com/X33l7kt0QQ
¡ª Danny Ben-David (@primunomina) July 4, 2017
Companies like Amazon, which enjoyed an opening price of $927, had their market cap seriously underrepresented, while others like Facebook game developer Zynga received a serious bump.
