Warren Buffett's Berkshire Hathaway class A shares gave investors a jolt Monday morning on a trading glitch that caused the stock to plummet. Shares were halted after quotes plunged to a loss of nearly all its value.
The New York Stock Exchange experienced a technical issue in its data feed that caused one of the highest priced stocks to drop to more than 99%.
Berkshire Hathaway class A stock was halted 9:50 a.m. ET after shares sank to a low of 185.10 from over 622,000, a quote in line with its typical trading.
According to an NYSE spokesperson, "After the market opened on the morning of June 3, 2024, a technical issue involving industry-wide price bands published by the Consolidated Tape Association's Securities Information Processor triggered 'limit-up/limit down' trading halts on up to 40 symbols listed on NYSE Group exchanges. Shortly before noon, the issue was resolved and trading in the impacted stocks resumed. The NYSE is reviewing potentially impacted trades."
Warren Buffett Stock Temporarily Loses 99%
Berkshire's class A shares resumed trading at 11:30 a.m. ET at a price of around 640,000, Barron's reported.
The lower priced Berkshire Hathaway Class B shares dipped about 1%, but were not affected by the quote problem. The B shares were down 0.8% in afternoon trades.
Other stocks caught in the glitch included Barrick Gold and NuScale Power. Barrick Gold stock showed a loss of 99%, with the mining company trading at 25 cents a share from around 17 a share. Trading was stopped on Barrick stock at 9:56 a.m. ET.
NuScale Power showed similar action, with the nuclear technology stock dropping to 13 cents from around 8 per share. Besides the Warren Buffett stock, Chipotle Mexican Grill was also modestly affected.
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