has canceled several trades of
from Feb. 26 after a typo turned the stock into a running of the bulls.
Just after 10 a.m. Monday, Axcelis began trading at $10 a share, only to jump to $93 a share within 15 minutes. Axcelis executives told Nasdaq they knew of no reason for the move.
After looking into the matter, Nasdaq determined that a typographical error on an electronic communications network was responsible. A subscriber entered a bid price of $10 to $95, instead of the correct $10 to $9.50. The transactions from the ECN above $22 were canceled and Nasdaq adjusted Axcelis' intraday high to $22.
Axcelis disagreed with Nasdaq's adjustment, claiming that the trades made after the ECN error were a direct result of the false bid. The company, which makes semiconductor equipment, has requested that Nasdaq rescind the trades above the Feb. 26 closing price of $11.75. By showing a $22 high, the record won't accurately portray the company's market performance, executives said.
Nasdaq indicated that
will continue investigating the ECN error. Axcelis had no comment on the matter beyond Nasdaq's explanation.
In regular-session trading, Axcelis gained 31 cents to $10.38. The 52-week high is $30.