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What Happens When A Fat Finger Leaks A Wrong Earnings Statement
A few minutes ago, all hell broke loose in Intel stock when a Reuters fat finger did a JPM deja vu (as a reminder, JPM earnings were released just after 4 am, some three hours before their scheduled release due to a Nasdaq news release error) and released what the robots thought was INTC's Q3 earnings. Moments later, it was uncovered that while it was a fat finger, the finger hit the wrong button and had erroneously leaked Q2 earnings once again.
Nonetheless, what happened in the interim was your typical algo idiocy, which as Nanex' Eric Hunsader summarized best, as follows: "This is crazy - note the wide swings in $INTC - some lasting less than 1 second. #HFT madness"
To all those who had limit/stop loss orders, or expected unbroken markets, our condolences.
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I wonder how well it matched up to when those earnings were actually released 3 months ago.
With no Regulation...many, many more Fat Fingers coming up.
just sayin
Holder has only announced he is leaving. Bankstas, you are free to rape and pillage without fear of prosecution.
As if they were not already, for years now
Momentum ignition engines firing every second up and down.
Ouch those fat fingers hurt when inserted there!!!!
This is becommong a monthly thing now....
HFT's false liquidity argument is trumped by the chaos that is created by the algo driven volatility.
When Robespierre comes into power, the show will last for months.
Obamespierre is in power.
They must have happy wives.
But of course - no trades are made from ANY of these leaking points by anyone working at the leaking point or by anyone else they could contact by cell phone.
'Hi Mom, I'll be heading UP to the cabin instead of DOWN to the ocean'
Fat finger is one thing, wearing boxing gloves while working at the stock exchange is another.
I'm currently very very bullish on this asset class: Fat Fingers
Open the pod bay doors, Hal.
What does Holder have to do with Bankstas Standard Operating Procedures of shaking down muppets?
When have they NOT been free to rape and pillage without fear of prosecution?
I thought the accountants can create any fucking earnings figures that are requested, in any quarter.
Great choice, INTEL. Where dividend-payer meets tech. Maximum pension fund noise.
Do they all stand around in a corner of the dealing room with open squawk boxes to the hedgies (no email...NO EMAIL) or is "trade of the day" done with SNAPCHAT now?
How do they decide which pension fund portfolio is the mark? Are they using casino heat-scanners yet? Or is finding the guy who really needs his bonus still pretty low-tech?
I've got $30.00 puts on INTC! I haven't gotten enough abuse yet to stop playing this game!
I just sold the 32 calls. Hope we both win.
Mangled muppets strewn all over Wall St pavement.