Computer Woes at Nasdaq Leave Erroneous Stock Quotes on...
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Computer Woes at Nasdaq Leave Erroneous Stock Quotes on...
Thursday January 19, 3:36 pm ET
By Michael J. Martinez, AP Business Writer
Computer Woes at Nasdaq Leave Erroneous Stock Quotes on Online Financial News Sites, Brokerages
NEW YORK (AP) -- Computer problems at the Nasdaq Stock Market left erroneous stock quotes on major online financial news sites and brokerages Thursday, potentially leading individual investors around the world to believe that a stock was up when it was really down, or vice versa.
The errors that occurred Wednesday also prevented approximately 81,000 trades from being reported in the last minutes of the session, possibly preventing investors, both institutional and individual, from receiving the best listed price for their transactions.
The stocks affected are all listed on the New York Stock Exchange, but were traded electronically on the Nasdaq's computer platform. Nasdaq is responsible for reporting those trades to a consolidated listing service so investors can see the latest price for a given stock, whether it was traded on the floor of the NYSE or through Nasdaq's computers.
Due to the computer errors, however, individual investors using popular financial sites like MSN Money or Yahoo Finance were seeing inaccurate price swings Thursday. Customers of online brokerages E-Trade and Charles Schwab also saw erroneous stock quotes from their homepages, though it was unclear whether logged-in customers were receiving the same errors. A customer account at Ameritrade showed that broker's real-time quotes were correct.
The problem was first reported by Nasdaq Operations in an e-mail to the company's data clients. With less than an hour to go before the close of Thursday's trading, Nasdaq spokeswoman Bethany Sherman said the stock market was working with its vendors to correct the problem. She added that indexes and mutual fund values, computed after the close of the market, were not affected by the problem.
Nonetheless, NYSE-listed companies were calling the NYSE Thursday, asking why their quotes were wrong on many of the world's financial Web sites. At least a dozen listed companies called the exchange to complain, according to spokesman Rich Adamonis.
"There were no technical problems at the New York Stock Exchange," Adamonis said. "We're monitoring the incident."
The Nasdaq said a computer glitch occurred at approximately 5:50 p.m. Eastern time Wednesday, when a number of transactions involving NYSE-listed stocks that had been made at 9:50 a.m. were reposted to the consolidated tape. That resulted in erroneous closing prices for a number of NYSE-listed stocks being reported, according to a notice issued by Nasdaq Operations late Wednesday.
It was not immediately known how many NYSE-listed stocks were affected by the computer errors. The Nasdaq's operations notice said 650 transactions were retransmitted, but The Associated Press' computer systems rejected 16,127 transactions that were retransmitted at that time. The rejected transactions involve 1,487 NYSE-listed stocks, including all 28 NYSE stocks in the Dow Jones industrial average.
The NYSE said it did not know how many listed companies were affected by the glitch.
A number of Web sites viewed by the AP Thursday -- including MSN Money, Yahoo Finance and BigCharts.com, along with online brokers Charles Schwab and E-Trade -- showed erroneous price changes for a handful of NYSE stocks. Stock quote services on both NYSE.com and Nasdaq.com also posted incorrect price changes.
AMR Corp., for example, actually closed at $20.39 on Wednesday, but the retransmitted trades from earlier in the session had AMR closing at $18.79. In midmorning trading on Thursday, AMR was actually down 16 cents at $20.23, yet other sites listed that quote as being up $1.44 to $20.23.
The major indexes appeared to be unaffected by the misquoted stocks.
The AP's market data services caught the errors, and the stock tables it sent to newspapers for Thursday editions were correct.
ComStock, a company that provides stock quote data to numerous Web sites, said Thursday afternoon that it was working through its databases to expunge incorrect data. The company had no other comment.
There were no immediate reports of investors who made stock purchases based on erroneous information. Investment forums on Yahoo.com and other sites saw individuals posting warnings about stock prices. Some online brokers, like Ameritrade, had working real-time quotes, while others, including Fidelity.com, did not.
Earlier Wednesday, a related computer problem resulted in the 81,000 trade reports from being sent to the consolidated tape in the last 20 minutes of trading. The trades themselves were executed, but the price quotes from those trades could not be seen by traders on the NYSE or on non-Nasdaq computer trading systems.
It is unclear whether those unsubmitted trade reports would have likewise affected the closing price of the stocks involved. Sherman said the glitch represented 5 percent of the day's total transaction volume.
The Nasdaq only trades a small percentage of NYSE-listed stocks on a given day. However, it's important for traders to know the most recent price a stock has fetched to help determine whether to buy or sell, and the absence of those Nasdaq trades in the last 20 minutes of trading resulted in investors not having a complete picture of the market as they made their trading decisions.
By Michael J. Martinez, AP Business Writer
Computer Woes at Nasdaq Leave Erroneous Stock Quotes on Online Financial News Sites, Brokerages
NEW YORK (AP) -- Computer problems at the Nasdaq Stock Market left erroneous stock quotes on major online financial news sites and brokerages Thursday, potentially leading individual investors around the world to believe that a stock was up when it was really down, or vice versa.
The errors that occurred Wednesday also prevented approximately 81,000 trades from being reported in the last minutes of the session, possibly preventing investors, both institutional and individual, from receiving the best listed price for their transactions.
The stocks affected are all listed on the New York Stock Exchange, but were traded electronically on the Nasdaq's computer platform. Nasdaq is responsible for reporting those trades to a consolidated listing service so investors can see the latest price for a given stock, whether it was traded on the floor of the NYSE or through Nasdaq's computers.
Due to the computer errors, however, individual investors using popular financial sites like MSN Money or Yahoo Finance were seeing inaccurate price swings Thursday. Customers of online brokerages E-Trade and Charles Schwab also saw erroneous stock quotes from their homepages, though it was unclear whether logged-in customers were receiving the same errors. A customer account at Ameritrade showed that broker's real-time quotes were correct.
The problem was first reported by Nasdaq Operations in an e-mail to the company's data clients. With less than an hour to go before the close of Thursday's trading, Nasdaq spokeswoman Bethany Sherman said the stock market was working with its vendors to correct the problem. She added that indexes and mutual fund values, computed after the close of the market, were not affected by the problem.
Nonetheless, NYSE-listed companies were calling the NYSE Thursday, asking why their quotes were wrong on many of the world's financial Web sites. At least a dozen listed companies called the exchange to complain, according to spokesman Rich Adamonis.
"There were no technical problems at the New York Stock Exchange," Adamonis said. "We're monitoring the incident."
The Nasdaq said a computer glitch occurred at approximately 5:50 p.m. Eastern time Wednesday, when a number of transactions involving NYSE-listed stocks that had been made at 9:50 a.m. were reposted to the consolidated tape. That resulted in erroneous closing prices for a number of NYSE-listed stocks being reported, according to a notice issued by Nasdaq Operations late Wednesday.
It was not immediately known how many NYSE-listed stocks were affected by the computer errors. The Nasdaq's operations notice said 650 transactions were retransmitted, but The Associated Press' computer systems rejected 16,127 transactions that were retransmitted at that time. The rejected transactions involve 1,487 NYSE-listed stocks, including all 28 NYSE stocks in the Dow Jones industrial average.
The NYSE said it did not know how many listed companies were affected by the glitch.
A number of Web sites viewed by the AP Thursday -- including MSN Money, Yahoo Finance and BigCharts.com, along with online brokers Charles Schwab and E-Trade -- showed erroneous price changes for a handful of NYSE stocks. Stock quote services on both NYSE.com and Nasdaq.com also posted incorrect price changes.
AMR Corp., for example, actually closed at $20.39 on Wednesday, but the retransmitted trades from earlier in the session had AMR closing at $18.79. In midmorning trading on Thursday, AMR was actually down 16 cents at $20.23, yet other sites listed that quote as being up $1.44 to $20.23.
The major indexes appeared to be unaffected by the misquoted stocks.
The AP's market data services caught the errors, and the stock tables it sent to newspapers for Thursday editions were correct.
ComStock, a company that provides stock quote data to numerous Web sites, said Thursday afternoon that it was working through its databases to expunge incorrect data. The company had no other comment.
There were no immediate reports of investors who made stock purchases based on erroneous information. Investment forums on Yahoo.com and other sites saw individuals posting warnings about stock prices. Some online brokers, like Ameritrade, had working real-time quotes, while others, including Fidelity.com, did not.
Earlier Wednesday, a related computer problem resulted in the 81,000 trade reports from being sent to the consolidated tape in the last 20 minutes of trading. The trades themselves were executed, but the price quotes from those trades could not be seen by traders on the NYSE or on non-Nasdaq computer trading systems.
It is unclear whether those unsubmitted trade reports would have likewise affected the closing price of the stocks involved. Sherman said the glitch represented 5 percent of the day's total transaction volume.
The Nasdaq only trades a small percentage of NYSE-listed stocks on a given day. However, it's important for traders to know the most recent price a stock has fetched to help determine whether to buy or sell, and the absence of those Nasdaq trades in the last 20 minutes of trading resulted in investors not having a complete picture of the market as they made their trading decisions.
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