Published December 27, 2012
The Nasdaq Stock Market canceled a slew of trades Thursday morning in shares of GPS company Garmin (GRMN) due to apparently erroneous transactions.
After first alerting traders that it is “investigating potentially erroneous transactions” involving shares of Garmin, Nasdaq said it has decided to cancel all trades in the stock at or above $42.77 that were executed on the exchange between 9:30 and 9:31 a.m. ET Thursday morning.
Nasdaq said its decision can’t be appealed and was coordinated with other exchanges.
Data compiled by Thomson Reuters show at least 12 Garmin trades at or above $42.77 that were executed just as U.S. markets opened at 9:30 a.m. Thursday morning. Shortly thereafter trades are listed at closer to Garmin’s Wednesday’s close at $40.71.
Garmin’s shares were recently trading down 0.47% to $40.52, compared with a 0.67% decline on the S&P 500.
It’s not clear what caused the apparently erroneous trades or where the issues occurred.
Nasdaq OMX Group (NDAQ), the parent of the Nasdaq Stock Market, didn’t immediately respond to a request for comment. Shares of the exchange operator fell 0.72% to $24.98 Thursday morning.
U.S. exchanges have suffered a number of stumbles in recent years due to technical issues, including the flubbed May initial public offering of Facebook (FB) on Nasdaq.