Nasdaq Stock Market canceled some trades in nine U.S. stocks, such as Goldman Sachs Group Inc., Hewlett-Packard Co. and Sprint Nextel Corp., that occurred more than 10 percent away from yesterday's close.
The errors took place in the minute before the regular opening of trading, the Nasdaq OMX Group Inc. unit said on its website. Goldman Sachs fell as much as 20 percent to $94.01 and Hewlett-Packard plunged 79 percent to $3.06 before the trades were broken. Sprint touched $2.82, a 50 percent decline, prior to the Nasdaq's decision to reverse those transactions.
"When I first saw they were canceling trades, my first reaction was: here we go again," Larry Peruzzi, senior equity trader at Cabrera Capital Markets LLC in Boston, wrote in an e-mail. "I would not be happy if these erroneous trades triggered a stop-loss order if I had one on the books. My concern here is the frequency these errors are happening."
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