NYSE cancels irregular trades in Anadarko stock - Bloomberg

Fri May 17, 2013 9:07pm EDT

May 17 (Reuters) - The New York Stock Exchange canceled trades in Anadarko Petroleum Corp after a blip in trading cut the market value of the company by 99 percent, according to a report in Bloomberg.

Trading in the shares of the $45.15 billion company plunged to trade at 1 cent per share shortly before markets closed on Friday. The stock gained back its losses and closed up 2.5 pct $90.03 on the New York Stock Exchange.

NYSE Euronext canceled trades executed at or below $87.56, the news agency said. ()

The U.S. Securities and Exchange Commission had approved a program named "limit up-limit down" in June to reduce volatility of stock trades. The program would halt the trading of U.S.-listed stocks if they moved outside a recently traded price range.

However, the Houston-based company's trades occurred after 1530 ET, when the program is not in effect, Bloomberg reported.

Both NYSE Euronext and Anadarko could not be immediately reached for comment outside regular U.S. business hours.

FILED UNDER:
A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

Find your dream retirement town

Florida? Hawaii? Reuters has teamed up with Zillow to give you the power to customize a list of your best places to retire.  Video | Full Article