WTF? An errant 100 share sell-off causes the price to fall 9%? I assumed the market would be a lot deeper than that. Am I missing something here? If I were holding a bunch of APPL right now I'd be a little nervous.
presumably there was an internally matched bid on BATS system, which would then have been announced externally?
If so kudos to the owner whose AAPL shares value have increased by 5000$.
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http://www.appleinsider.com/articles/12/03/23/sudden_9_drop_in_apple_stock_triggers_temporary_trading_halt.html
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Update: The culprit of the AAPL stock price drop has been linked to volatility caused by three erroneous trades from BATS' systems. BATS Global Markets Chief Executive Joe Ratterman announced that he was withdrawing his company's IPO after Friday's fiasco. The original price for the 6.3 million share IPO was set between $16 and $18 a share, but the stock ended the day down 99.76 percent to finish at $0.04. Apple shares leveled out and finished the trading day at $596.05, down 0.55 percent.
Forum thread at macrumors with some traders opinions
http://forums.macrumors.com/showthread.php?t=1347376
nanex research report with BATS and AAPL
http://www.nanex.net/aqck/2970.html http://www.nanex.net/aqck/3077.html
http://www.nanex.net/FlashCrash/OngoingResearch.html
So in essence, BATS went insane, and took itself with it. AAPL didn't even notice and carried on.
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