This Day On The Street
Continue to site
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

The Five Dumbest Things on Wall Street This Week: Dec. 7

1. More Nasdaq Nonsense

Our good friends at Nasdaq (NDAQ) better not go into the obstetrics business. They surely would make a mess of the delivery room if they did.

The electronic exchange was forced to delay the initial public offering of WhiteHorse Finance (WHF) on Wednesday after a case of "human error" screwed up its originally scheduled opening. The stock eventually opened for trading late in the day, but not before dredging up bad memories of last May's Facebook fiasco on Nasdaq.

According to a Reuters account, Nasdaq agreed with WhiteHorse and its underwriter to push trading beyond its 11 a.m. takeoff slot. However, some fat-fingered (or fat-headed, we're not sure yet) employee canceled the IPO instead of delaying it by a few minutes. Eventually the stock did open for trading at 3 p.m., but not before Nasdaq needed to annul all the stock's pending orders and replace them with new ones.

Oh, yeah, as for the shares, WhiteHorse priced its stock at $15, and it finished the day's trading -- or should we say, the hour's trading -- at $13.90. The business development company sold 6.67 million shares into the market, raising $100 million.

Not that the stock's actual performance matters, though. Or even the company itself.

You see, Wall Street traders have no problem throwing out the baby with the bathwater. It's the birth mark their superstitious natures won't let them forget.

And, quite sadly, because of Nasdaq's latest foul-up, WhiteHorse is now scarred for life.
Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.
5 of 5

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
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
MMR $0.00 0.00%
DRI $63.48 -0.20%
P $8.68 -3.66%
SODA $14.15 0.35%
ZNGA $2.32 -2.11%


Chart of I:DJI
DOW 17,750.91 -140.25 -0.78%
S&P 500 2,063.37 -18.06 -0.87%
NASDAQ 4,763.2240 -54.37 -1.13%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs