Today’s news brings us a story about a stock trader’s typographical error that caused one corporation’s shares to drop a staggering 99.8%.
From the Huffington Post:
“We’re all guilty of the occasional typo, just not one with such drastic consequences.
“Israel Corporation, one of Israel’s largest companies, saw its share price plunge 99.8 percent in a matter of minutes Sunday thanks to a trader typing error, according to the Globes, an Israeli business publication. Market sources believe the dramatic plunge, which stopped trading on the Tel Aviv Stock Exchange for a short time by activating its automatic fail safe mechanism, was caused by a trader who wanted to sell shares of another company, but accidentally entered Israel Corporation instead.
“The error pushed Israel Corporation’s share price down to $58, from $46,385, according to CNBC.”
Visually, it looked something like this (graphic from Google Finance):
Now that’s one expensive finger fumble!