In after-hours trading on the eve of the US Independence Day, a stock market data error set major tech companies like Apple, Google and Amazon listed on the Nasdaq exchange to the same share price of $123.47 late on Monday, that saw Amazon going down 87 per cent and Facebook game maker Zynga up a massive 3,292 per cent. The glitch made Apple appear down by 14.3 per cent.
The glitch reset the stock prices of an undetermined number of companies — including Apple and Google holding group Alphabet — listed on the Nasdaq exchange, sending some tech companies’ stock prices crashing and others’ soaring, The Verge reported.
For tech giant Amazon which enjoyed an opening price of $972.79 a share, the error had had a catastrophic effect on the appearance of its market cap while other companies like struggling Facebook game maker Zynga saw their stock price soaring by 3,292 percent.
In a statement to the Financial Times, Nasdaq said the culprit was “improper use of test data” that was picked up by third party financial data providers. The exchange said it was “working with third party vendors to resolve this matter.” The issue was replicated across major financial websites, including Bloomberg, Google Finance and Yahoo Finance.It is not known when the glitch came into effect, although stock notifications for tech companies started pouring in at some point on Monday evening, according to the report.