NYSE Glitch Causes Wild Price Swings for Some of the World’s Largest Stocks
The companies affected included some of the world's largest and most well-known stocks.
Early Tuesday morning, stock traders were surprised to see that the opening prices for dozens of stocks listed on the New York Stock Exchange (NYSE) had diverged significantly from their closing prices the night before, with no news to explain the volatile moves.
Companies affected by the NYSE glitch included 3M (NYSE: MMM), AT&T (NYSE: T), Exxon Mobil (NYSE: XOM), McDonald’s (NYSE: MCD), Nike (NYSE: NKE), Visa (NYSE: V) and Walmart (NYSE: WMT), among many more.
While the NYSE has not yet announced what caused the unusual opening prices, observers believe it’s likely due to a glitch in the software that calculates the opening price. It appears that the system only received a portion of the incoming pre-market orders, causing the opening price to move drastically.
Trading on the affected stocks was halted shortly after opening, with their price manually corrected by the NYSE, and trading reopened at more appropriate prices. After all the stocks were fixed, the exchange announced that its systems were up and running.
Source: CNBC Television YouTube
Shortly after, the NYSE released a statement providing some details on the mix-up, stating:
“The exchange continues to investigate issues with today’s opening auction. In a subset of symbols, opening auctions did not occur. The exchange is working to clarify the list of symbols. Impacted member firms may consider filing for Clearly Erroneous or Rule 18 Claims.”
New York Stock Exchange Rule 18 “establishes a process for member organizations to seek reimbursement for losses resulting from NYSE system failures.” Member organizations that suffered losses due to Tuesday’s computer glitch can petition the NYSE to recoup their losses.
Speaking to Bloomberg by phone, Ed Moya, senior market analyst at Oanda, commented:
“It’s a little concerning; these are not your typical meme stocks, easily manipulated companies. These are some of the giants.”
With some stocks swinging as much as 25% in either direction due to the glitch, the liability for the NYSE could be substantial. With no further word from the firm yet, we’ll have to wait and see if they provide additional details in the coming days.
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