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Gold/Mining/Energy : Anadarko Petroleum Cp

APC 72.77

+0.8%

Aug 8 4:00 PM EDT

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From: Sr K	5/17/2013 6:47:18 PM
	1 Recommendation Read Replies (1) of 129

NYSE Voids Penny Trades in Anadarko From Last Minute of Trading By Whitney Kisling & Nikolaj Gammeltoft - May 17, 2013 6:11 PM ET The New York Stock Exchange broke trades in Anadarko Petroleum Corp. (APC) after the shares briefly plunged 99 percent in the final minute of today’s session. The transactions drove Anadarko, the second-largest U.S. independent oil and natural gas producer with a $45 billion market value, down to 1 cent. The stock then recovered and closed at $90.03, up 2.5 percent for the day. NYSE Euronext canceled trades executed at or below $87.56, according to an emailed statement from the exchange. “With technology and trading there’s always going to be blips and issues,” Ben Schwartz, the Chicago-based chief market strategist at broker Lightspeed Financial Inc., said by phone. “I’m sure the exchange is going to do the right thing in rectifying the situation. The exchanges have a pattern of doing what’s fair and balanced in these situations.” The trades weren’t subject to the new system of limiting swings in individual stocks on American exchanges, a program known as limit-up/limit-down, because they came after 3:30 p.m. New York time, when the restrictions are lifted. The changes are going into effect gradually for stocks and will be expanded to the full trading day in August. [more] www.bloomberg.com/news/2013-05-17/nyse-breaks-trades-that-sent-anadarko-petroleum-shares-down-99-.html bloomberg.com

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