Google's stock plummets to $249 due to 'erroneous orders'

Google's stock dropped to $249 towards the end of trading on Tuesday due to "erroneous orders."

(Credit: Yahoo Finance)

As if this week wasn't already stressful enough on Wall Street, at the end of Tuesday trading, Google's stock dropped over 200 points to $249, due to what the Nasdaq is calling "erroneous orders." The share price has since rebounded to $415 in after-hours trading. According to a comment from the Nasdaq to Reuters, "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." That means that those who may have cashed in on this error are going to be out of luck.

Even though the situation is being rectified, this incident has certainly caused even more uneasiness in already shaken investors.

[jgalkin]

What the hell is an erroneous order?

[Lerianis]

That is what I would like to know as well.... you cannot make erroneous orders in our technology based way of ordering stock.

[Penguinisto]

@ both of ye:

You can if a brokerage house is compromised or its services corrupted, causing dupe orders to be sent out, orders to be sent out in overly-large numbers, or legit orders all ending up with corrupt or bad pricetags on them.

[Penguinisto]

I'm thinking some brokerage's computer went apesh!t and began sending erroneous orders...

[honorable1]

Can you say: evidence of 'market manipulation'. ?
The corruption on Wall Street is so bad it's alive and well deep inside the bowels of all that "electronic trading' equipment we've all been told is our great savior that automatically prevents market meltdowns. Yeah, right.