Tags: Nasdaq | Kraft | Trades | stock

Nasdaq Cancels Some Kraft Foods Trades After Unusual Price Spike in Latest Glitch

Wednesday, 03 Oct 2012 12:16 PM

 

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The Nasdaq is canceling some trades of Kraft Foods Group Inc. following an unusual spike after the market opened.

Kraft's shares opened at $45.55 Wednesday before surging to $58.54. The exchange says it is looking into "potentially erroneous transactions" and will cancel all trades above $47.82 that happened during a one-minute window at 9:30 A.M. EDT.

The issue comes only days after Kraft Foods and former Kraft snack business Mondelez International began trading as two separate companies.

There have been several high-profile trading glitches recently with the increasingly complicated electronic systems that run stock trading. Those systems have shown signs of strain as more traders and big investment firms use powerful computers to execute trades in fractions of a second.

Kraft's shares increased 2.6 percent to $46.62 by midday.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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