Updated from 12:04 p.m. EST to provide more information on the reason behind the crash in fourth paragraph.
Come to find out, it was only an erroneous trade, known as a "flash crash."
Apple fell as low as $542.80 before a circuit breaker kicked in, and the stock was halted for reason code T7, according to the Nasdaq. The shares were halted at 10:57 a.m. EST, and resumed trading normally at 11:02 a.m. EST, down only 0.2% to $598.20.The trade in question appears to be an order placed through the BATS exchange, which ironically, had trouble with its own ticker while going public Friday. Parent company BATS Global Markets (BATS) said in a statement issued at 10:48 a.m. EST, "Please be advised that BATS is currently investigating system issues trading in symbols range A through BF. Will advise." BATS ultimately had to pull its IPO; although it reopened the affected part of its market where the flash crash occurred. Apple shares closed the session lower, off 0.55% to $596.05. Interested in more on Apple? See TheStreet Ratings' report card for this stock. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices. -- Written by Chris Ciaccia in New York >To follow the writer on Twitter, go to http://twitter.com/commodity_bull. >To submit a news tip, send an email to: email@example.com
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV