Bloomberg TV has reported that certain trades are going to be broken which are tied to the fat-fingering and technology issue tied to Knight Capital Group, Inc. (NYSE: KCG) this morning. We have not seen the official times which these trades are going to be cancelled and we are not sure that these will be the only erroneous trades that will be cancelled. We would caution that there will likely be more trade breaks than just these.
The NYSE Euronext, Inc. (NYSE: NYX) is reportedly set to cancel trades in the following shares:
American Reprographics Co. (NYSE: ARC) which initially went to over $6 and is now “only” up 2.5% at $4.48 before the close.
China Cord Blood Corporation (NYSE: CO) which is down 6% at $2.32 on over 3.8 million shares.
E-House (China) Holdings Limited (NYSE: EJ) was down big early on and now shares are slightly up.
Quicksilver Resources Inc. (NYSE: KWK) is up 3.5% at $4.68 but this went over $6.00 early on and we have seen 9 million shares trade hands.
Reaves Utility Income Fund Right (NYSEMKT: UTG-RI)
Wizzard Software Corporation (NYSEMKT: WZE) which is up 20% at $4.20 on 450,000 shares or so.
If you want to know why so many small investors get so frustrated and quit the stock market for good, this is one of those reasons.
JON C. OGG