Tech stocks go nuts after computer glitch

Apple, Google and other Nasdaq Stocks Swing Wildly in After-Hours Trading

A glitch affected stocks listed on the Nasdaq, and caused many of their share prices to change to $123.47.

In result of the new stock prices, Microsoft shares jumped 79.1 percent whilst shares in Apple plummeted by 14.3 percent.

As the US market closed early Monday before the 4 of July holiday, traders got alarmingly wrong stock prices for several companies, including some of the largest and most successful technology companies.

Bloomberg LP, the parent of this news organisation, distributes Nasdaq data and was among those affected. Even the slightest of hiccups can set off a chain of events that cause an upset, as the global stock market discovered on Tuesday this week.

A freaky computer glitch led to the stock prices of several U.S. technology companies including Amazon and Google to be dramatically undervalued on Tuesday morning, leading to some losing billions in value.




In a statement, Nasdaq attributed the incident to the "improper use" of data that was distributed by the Unlisted Trading Privileges (UTP) as part of normal evening test procedures.

For Amazon, for instance, it would've marked a catastrophic drop from its opening price of $972.79 per share.

The glitch seems to have stemmed from test data sent out by the exchange - something it regularly pushes out, ironically, to help avoid glitches from occurring.

The prices were apparently test data mistakenly distributed by third parties, which some vendors then used as live figures, according to the Financial Times.

The mistakes took place due to an error in the world's second-largest stock exchange Nasdaq's computers.

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