New (York) - Google’s stock was hit by what appears to have been massive "erroneous trading" that caused the stock to drop from a $380 Monday close to as low as $25.80 in late Tuesday trading. The drop happened within the final five minutes of the trading day.

The share price began to recover almost as quickly as it fell and close at $320, down $60.50 and   more than 17%. Over the course of the day, Google shares were trading in the $395 - $420 range. Preceding the dramatic 93.3% drop, the stock climbed to $488.92 at around 3:55 PM EDT.

At 3:57 PM, the share price rose back to slightly above the $400 mark, but fell back to the closing price of $320.50.

Nasdaq quickly reacted to the incident and said that it is was investigating "potentially erroneous transactions" of Google’s shares. The organization asked traders to review their trades for “potentially erroneous trades and request adjudication.”      

Google shares quickly recovered in after-hour trading: The stock was up more than 28% or $91.50 to $412 at 6:00 PM EDT.

Google’s stock has had a rough ride since early May, when shares were trading the $600 neighborhood. Shares hit an all-time high of $747.20 in November of last year.

wrong comma

Sep 30, 2008 17:34     

Wasnt it about 200 USD, rather than 25.80 ? http://blog.seattletimes.nwsou...e_at.html [No, it was $25.80. -ed]
GOOG report abuse vote down vote up Votes: +0

WOOOOOOOOOOOOOOOOOW

Sep 30, 2008 17:41     

I cant believe it. I just cant!!!!!!!!!!!!!!!!!!!
Bob Bob report abuse vote down vote up Votes: -3

a wrong value bug or a hack.

Sep 30, 2008 21:52     

may be someone hack it to short google.. or that is billgate's new killer ads campaign to kill google.
yo report abuse vote down vote up Votes: -3

Limit orders, anyone?

Sep 30, 2008 22:41     

Don't place "market orders", ever -- *especially* during volatile times.
Limit Orders, anyone? report abuse vote down vote up Votes: +1

WOW

Sep 30, 2008 23:02     

That would have been a great time to buy tons of shares, then just sell them when it went back up. I mean at $25, you KNEW that Google's stock would definitely not stay so low...
Matt report abuse vote down vote up Votes: +1

it was a mistake

Sep 30, 2008 23:44     

this is wrong Read this http://money.cnn.com/2008/09/3.../index.htm
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The anomaly was corrected

Oct 01, 2008 06:13     

All trades made for GOOG at or above $425.29 and at or below $400.52 that were executed on the Nasdaq between 3:57 pm ET and 4:02 pm ET are cancelled.
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large order?

Oct 01, 2008 07:01     

"A market participant sent in a large number of orders and drove the price down" that's one BIG order!
nev report abuse vote down vote up Votes: +0

Microsoft was trying out their new finance software

Oct 01, 2008 16:29     

You know, the kind of software that remotely causes market crashes? It's not like much of anyone would notice a few devaluations here and there. I wonder if they're planning a hostile takeover of Google?
creatorswhim report abuse vote down vote up Votes: +1