Friday, October 19, 2012

Pending Larry Quote

Pending Larry Quote, Accidental earnings release? In any case, highly unusual intraday results from Google had sent shares down 7.45 per cent at pixel time. (And the numbers were rubbish – $9.03 per share versus $10.65 expected)

Update: Trading in Google halted at pixel.

It was an accident. Google’s subsequent statement (H/T Rolfe Winkler):

Earlier this morning RR Donnelley, the financial printer, informed us that they had filed our draft 8K earnings statement without authorization. We have ceased trading on NASDAQ while we work to finalize the document. Once it’s finalized we will release our earnings, resume trading on NASDAQ and hold our earnings call as normal.

Sooo… how much finalisation is needed? (i.e. how much of a false market might have developed before the halt?)
Title: Pending Larry Quote
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