The Nasdaq Stock Market said it will cancel some of the late trades in Google, whose shares appeared to plunge as low as 1 cent at the close of North American markets on Tuesday. A spokeswoman for exchange parent Nasdaq OMX Group stated that the "erroneous orders" that caused the abrupt plunge "were triggered by orders routed from another exchange." She did not say which exchange routed the trade orders, but added the decision to cancel trades cannot be appealed.
Transactions at or above $425.29 and at or below $400.52, that were executed between 3:57 p.m. and 4:02 p.m. EST, would be wiped out, Nasdaq said; additionally, the exchange set Google's closing price at $400.52, up 5.12%. A Google spokesman said the company declined to comment on the trading spike.
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