May 17 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
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.