This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Apple's 'Flash Crash' Scares the Daylights Out of Investors (Update 2)

Updated from 12:04 p.m. EST to provide more information on the reason behind the crash in fourth paragraph.

NEW YORK ( TheStreet) -- Apple (AAPL - Get Report) may have given some investors a heart attack Friday when its shares briefly plummeted about 10%.

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: tips@thestreet.com

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
AAPL $122.99 0.00%
FB $96.99 0.00%
GOOG $631.93 0.00%
TSLA $263.82 0.00%
YHOO $37.67 0.00%

Markets

Chart of I:DJI
DOW 17,751.39 +121.12 0.69%
S&P 500 2,108.57 +15.32 0.73%
NASDAQ 5,111.7330 +22.5270 0.44%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs