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New York Stock Exchange Resolves Bizarre Glitch Showing Berkshire Hathaway Down 99.97%


The New York Stock Exchange (NYSE) announced on Monday that it resolved a technical issue that halted trading for several major stocks and caused Berkshire Hathaway’s shares to be listed down 99.97%.

In an update, the NYSE stated that affected stocks have reopened and “all systems are currently operational.”

Intercontinental Exchange (ICE), the parent company of NYSE, found no evidence that the glitch was caused by a cyberattack, according to a senior executive at a major bank in touch with ICE, as reported by CNN.

An NYSE spokesperson clarified that a “technical issue” with industry-wide price bands triggered trading halts on up to 40 symbols listed on NYSE Group exchanges.

The NYSE noted that these price bands are published by the Consolidated Tape Association’s (CTA) Security Information Processor (SIP). The CTA, an industry group, is responsible for publishing real-time trade and quote data.

The CTA reported experiencing an issue potentially related to a new software release. To resolve the problem, the industry group relied on a secondary data center operating on an older version of the software.

Earlier in the day, dozens of stocks were paused, indicating they traded outside the limit up-limit down bands, according to NYSE’s website. This list included Chipotle and Berkshire Hathaway, the holding company run by legendary investor Warren Buffett.

For nearly two hours, Berkshire Hathaway’s Class A shares were listed at just $185.10 — a price representing a 99.97% loss. Berkshire closed at $627,400 on Friday.

The NYSE announced it would “bust,” or cancel, all “erroneous” trades for Berkshire between 9:50 am ET and 9:51 am ET at or below $603,718.30. This ruling is not eligible for appeal and the exchange indicated it could cancel other trades as well.

Joe Saluzzi, co-founder of Themis Trading, expressed skepticism about the NYSE’s explanation, finding it hard to reconcile with the bizarre trades that occurred.

Trading data from Refinitiv showed that Berkshire Hathaway’s shares were trading at $620,700 at 9:44:32 on Monday morning. Suddenly, without explanation, the stock plummeted to $185.10.

The technical issues did not appear to affect the broader stock market, which mostly moved lower due to economic growth concerns.

Aside from Berkshire, most of the halted stocks and exchange-traded funds (ETFs) were trading only slightly higher or lower.

However, Barrick Gold (GOLD), a Canadian gold and copper producer, was displayed as trading at just 25 cents — down 98.5% on the day, according to Refinitiv. By midday, Barrick was back to normal, trading at $17.28 — up 1.1% on the day.

NuScale Power (SMR), a maker of modular nuclear reactor technology that recently went public, was listed at just 13 cents, down 98.5% on the day. After NuScale reopened, it traded at $8.29, down just 5%.

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