Computer glitch disrupts technology stock prices
The stock prices for many major US technology companies nose-dived last night following a computer glitch. The problem also sent shares in Apple, Google, Amazon and Microsoft to the same price after the pre-Independence Day early closure of the stock market.
With all four companies seemingly having a stock price of $123.47, Microsoft's market value appeared to increase by nearly 80 percent, while that of Google and Amazon were both slashed by more the 85 percent. Nasdaq stresses that actual stock prices were not affected, and no trading completed with incorrect pricing.
Although the prices of stocks did not change on the Nasdaq exchange, numerous websites and apps including Bloomberg, Reuters and Google Finance displayed the incorrect data. While the problem caused a degree of panic among investors, the issue was just a temporary one.
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. A Nasdaq spokesperson says it is investigating the improper use of test data by third parties:
Nasdaq is investigating the improper use of test data distributed by the UTP [unlisted trading privileges] and consumed by third parties. As part of its normal process, the UTP distributed test data and certain third parties improperly propagated the data. Nasdaq is working with third-party vendors to resolve the matter.
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