Knight Capital posts $389.9 million loss on trading glitch

Knight Capital Group reported a third-quarter net loss of $389.9 million, largely due to a glitch on August 1 that forced the electronic trader to take on additional investors to avoid bankruptcy.

Knight said on Wednesday that its loss amounted to $6.30 a share on a GAAP basis. Stripping out all one-time costs, it said it had earned 1 cent a share. A year earlier, the company reported earnings of $26.9 million, or 29 cents a share. (Reporting by John McCrank in New York; Editing by Lisa Von Ahn)