Nasdaq Triggers Market-Wide Circuit-Breaker As AMZN "Crashes" 87% After-Hours

Tyler Durden's picture

Nasdaq has issued a market-wide trading halt amid what appears to be a "glitch" that sent a number of the largest Nasdaq-listed stocks to crash or spike to exactly $123.47 per share.

This move crashed the value of companies including Amazon and Apple, sparked chaos in Microsoft, while sending Zynga rocketing up more than 3000%.

On the eve of the US Independence Day holiday and in after-hours trading, The FT reports that market data show that companies such as Apple, Amazon, Microsoft, eBay and Zynga were repriced at $123.47.

The Bloomberg data terminal listed either “market wide circuit breaker halt — level 2” or “volatility trading pause” on all the stocks affected.

 

The glitch did not affect any market trading, including after hours.

The mysterious reset to $123.47 per share meant that Amazon in theory saw its share price marked down 87.2 per cent...

while shares in Apple fell 14.3 per cent...

But Nasdaq-listed Microsoft had jumped 79.1 per cent — which would value the company at nearly $1tn...

 

As Bloomberg reports, the apparent swings triggered trading halts in some securities, according to automatically generated messages. The halts are a mechanism exchanges use to limit the impact of particularly volatile sessions. A system status alert on Nasdaq’s website said that systems were operating normally at 8:23 p.m. ET. After-market hours on Nasdaq typically last from 4 p.m. to 8:00 p.m.

In a statement, Nasdaq said the glitch was related to “improper use of test data” sent out to third party data providers, and said it was working to “ensure a prompt resolution of this matter”. In cases of any clearly erroneous data, trades made are cancelled.

As a reminder this is not the first time 'glitches' have occurred on holidays... remember gold on Thanksgiving 2014.

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Cognitive Dissonance's picture

Something stinks in the wood pile.

kliguy38's picture

I'm scared.......next thing ya know you'll say its all rigged......

T-NUTZ's picture

nah Just a Fat Finger!

GUS100CORRINA's picture

We all know that these markets are a REAL MESS.

MS worth a Trillion Dollars??? Maybe Bill Gates is the Antichrist!!!

This situation is probably going to scare the CRAP out of a whole lot of people.

I expect Volatility to increase dramatically in the weeks ahead.

AlaricBalth's picture

123.47
Interesting number.
It is the birthday of Senator Tom Carper, one of the sponsors of the Protecting Cyberspace as a National Asset Act (Internet Kill Switch Act).
His birthday is 1/23/47

https://en.m.wikipedia.org/wiki/Protecting_Cyberspace_as_a_National_Asse...

https://en.m.wikipedia.org/wiki/Tom_Carper

Someone is sending a message

There are no coincidences...

(Posted this earlier. It disappeared. Perhaps it was too close to the truth.)

Oh regional Indian's picture

Lots of prior comments have disappeared on this thread...

Skynet...

jimmy c korn's picture

...or the russians are coming...

Endgame Napoleon's picture

It is a bug. Fire the bot traders!

Robots are as above firing, just like the frequently absenteee, mom-clique employees throughout the lower ranks of financial services and other professions.

Everyone else, including those who never miss work, always meet the quotas and stay all day, can be fired over anything -- Anything -- but moms are 99.9% exempt from firing due to sex and reproduction. They are right under the robots who are 100% above firing.

Moms can be gone the whole morning on most mornings (baby-maker solidarity).

They can be gone every afternoon at 2:30 without returning to work, no matter how busy the workplace is with paying customers who are inconvenienced (baby-maker solidarity).

They can be gone for

days

weeks

amd even months with no firing (baby-maker solidarity).

They are never fired for mistakes or for failing to meet quotas (baby-maker solidarity).

The bots are also above firing despite their bugs.

And it is due to the same underlying reason: labor cost savings.

Due to their womb productivity-related income from spouses, ex spouses or welfare/taxfare, businesses lower their labor costs by hiring momma cliques.

Moms have housing and food paid by income sources unrelated to their job and do not need higher pay.

Robots, likewise, save money for their employers via the reduced labor cost.

Funny thing, even the highly paid moms (and parents of both sexes in that case) are awarded the excused-absenteeism privileges. These are the dual, high-earner households, where most of America's wealth is now concentrated, i.e. "the talent."

It is due to the fact that employees of all ranks are not needed as much at work.

Computers do a lot of the work now, including the more advanced work.

Employers can pay a couple of employees an absolute ton for symbolic purposes without having much effect on their bottom line, whereas paying the mass of people at the bottom enough to rent an apartment, including those who are not moms with free rent and food and Child Tax Credits ($3,337--$6,269), would reduce their massive profits a little.

The middle layer: it is mostly gone.

unsafe-space-time's picture

Someone accedentally shorted Amazon instead of paper metals.

Yen Cross's picture

   Major stinky ---poo poo.<

    The $usd was bid,[Tokyo fix] so some of those hedges got toasted, on short $usd trades.

Sabibaby's picture

Take out the decimal and 12347 is a prime number. 

Not My Real Name's picture

I'm pretty sure Blo Poney predicted this.

Hulk's picture

I usually shorten his name to Ba loney...

Yen Cross's picture

 After the ten thousandith, it's a bit redundant?   1.ooooo< ten/hundred thousandith

Hulk's picture

That might be my missng cousin. 30 years ago, he passed out in the wood pile and he stank so bad it drove the snakes out !!!

Winston Churchill's picture

Probably a dead negro.

Why would anyone put money into this farce ?

The music may be playing, but this is a preview of how it all ends,No chairs for anyone.i

peopledontwanttruth's picture

Wait until it's not a glitch but a reality. By then just as in Cyprus the rich will have gotten out.

SybilDefense's picture

Isn't there any forensics that can determine who bought Amzn at 123.48, and who sold Zynga at +%2999?  Doesn't follow the money work anymore, or can the computers only handle criminal algo calculations.

 

junction's picture

Someone is going to get whacked for jumping the gun.  Will Seth Rich's killers get the call for this contract?  They did not do so good the last time, a reserve LEO had to be called in to finish off Rich in his hospital room.

waterwitch's picture

Are we sure Seth Rich is dead? No autopsy report, no police films.  See https://www.youtube.com/watch?v=yuq6ylMKS3U

bentaxle's picture

The new guy, explaining to his mom what he does at "work" every day.

Mentaliusanything's picture

Seems fair value if your an optimist. Me LOL

Mentaliusanything's picture

Seems fair value if your an optimist. Me LOL

garypaul's picture

So they were doing some software work during the holiday closure. Big Fucking Deal. It didn't affect anything.

The paranoid losers on this site making a big deal about it.

Zorba&#039;s idea's picture

uh huh..so you got it all figured out...must be all hooked up with a  front row seat in the matrix

garypaul's picture

But you are right? I'm not the one jumping to conclusions.

Yes, I have got it figured out that computer systems need upgrading sometimes, and sometimes they have outages.

CultiVader's picture

Nope. No manipulation in these markets! Ever!

soulcalibur's picture

Guys guys guys...... chilllllllll marketwatch says it was just a glitch. and that it will happen again

 

http://www.marketwatch.com/story/high-profile-glitches-arent-rare-heres-...

 

 

Buck Johnson's picture

Someone made money on this hack, big time.

 

Doppelganger71's picture

Seems to me they's gettin' ready to pull the plug, Ma............................

Stormtrooper's picture

Oops!  Don't want to push that button again!

pitz's picture

And AMZN would still be overpriced.

Yen Cross's picture

 Best comment of the thread!

dasein211's picture

And you idiots worry about bitcoin!

Bunga Bunga's picture

What would be the stock "market" without circuit breakers, PPT, bail outs and QE?

1stepcloser's picture

A free market!  What do I win?  

booboo's picture

orderly markets

e_goldstein's picture

fair and efficient.

bah ha ha ha

imbrbing's picture

There are some IT guys crapping their pants right now, glad I dont do that crap anymore!

dot.dot's picture

I'm with ya man.  I did that crap for over 20 yrs.  Thankless work and long hours, lots of holidays spent doing hardware/software upgrades.  I only miss it at the end of the month.

imbrbing's picture

20+ year man myself, 2 years ago said F it. Cant pay me enough anymore to listen to everyone run around with hair on fire

"is it fixed yet? when will it be fixed" as they stand over your shoulder waiting tapping their foot, then want to have meetings for 2 weeks afterwards about it. NO MORE!

dot.dot's picture

Ah man, my sentiments exactly!  Cracked me up when i read it.

I left the rat race 3 yrs ago at 47.  I couldn't take that exact insanity you described any more.  

Our last cluster fuck was a Checkpoint (VSX) upgrade that went poorly.  MGT would not spring for a QA testbed so production was it.  Anyway, we were dead in the water for an entire day (thousands affected).  Me and another guy were the IT Security Team and people were constantly swarming our work area while we were trying to figure a way to back out the 'upgrade' or at least get shit limping along. 'Is it fixed yet?  Do you have an ETR?'  It is impossible to think in that sort of environment.  Oh, and the after-action meetings where we once again told mgt we need lots of money for a test bed.  This time we got the funding, but later they did not want to pay the expensive licensing/maint when it came due.  Fucking idiots.

I left six months later.  Sadly, the guy who stayed ended up killing himself.  

imbrbing's picture

Every time we had an upgrade like you describe here it was of course scheduled for weekend, at 2:00AM or so,  near the end  of my career I would spend the whole rest of the week wanting to die instead waiting for the 2:00 AM window to start knowing ANYTHING could go wrong and we have an instant shitstorm.  Sorry to hear about that dude that killed himself, thats just weird, all he had to do was quit :)

Thanks for the chat, its nice to talk to someone that appreciates the hell an IT guy can go through.

dot.dot's picture

Yep, you never knew what the heck you were in for.  Spouses never got it...  "Well, what time will you be done?"  And it was a nightmare getting paged at all hours to fix something that might take all night and still have to be at work in the morning.  IT is hell -at least for the guys in the trenches making it all work.  

Dude was taking one of those drugs they advertise on TV which 'may cause suicidal thoughts or tendancies.'  It is worse than that, he could have retired w/ most of his pension.

Good chat'n.