Too Good To Be True: NYSE Cancels Trades On Berkshire Hathaway Stock Purchased During 99% Discount Glitch
Portfolio Pulse from Aaron Bry
A technical glitch at the NYSE caused Berkshire Hathaway's Class A shares and Chipotle Mexican Grill's stock to drop by over 99%. The NYSE has voided all trades made during the glitch. The issue was caused by a new software release from the Consolidated Tape Association, which has since been rolled back. Berkshire Hathaway's stock saw a real decline of around 3% on Tuesday due to weakness in the energy and financial sectors.
June 04, 2024 | 6:11 pm
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The Energy Select Sector SPDR Fund traded down by around 2% on Tuesday amid sector weakness.
The decline in XLE is due to overall sector weakness, which is a typical market movement.
CONFIDENCE 100
IMPORTANCE 30
RELEVANCE 30
NEGATIVE IMPACT
The Financial Select Sector SPDR Fund traded down by around 1% on Tuesday amid sector weakness.
The decline in XLF is due to overall sector weakness, which is a typical market movement.
CONFIDENCE 100
IMPORTANCE 30
RELEVANCE 30
NEUTRAL IMPACT
Berkshire Hathaway's Class A shares experienced a 99% drop due to a technical glitch at the NYSE, but all trades during the glitch have been voided. The stock saw a real decline of around 3% on Tuesday due to sector weakness.
The NYSE voided all trades made during the glitch, so the 99% drop has no lasting impact. The real 3% decline is due to sector weakness, which is a more typical market movement.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
NEUTRAL IMPACT
Chipotle Mexican Grill's stock also experienced a 99% drop due to the NYSE glitch, but all trades during the glitch have been voided.
The NYSE voided all trades made during the glitch, so the 99% drop has no lasting impact on Chipotle's stock.
CONFIDENCE 100
IMPORTANCE 50
RELEVANCE 50