December 13, 2012 / 5:42 PM / 5 years ago

Nasdaq cancels pre-market trades in 9 big-cap stocks

NEW YORK (Reuters) - Stock exchange operator Nasdaq OMX (NDAQ.O) is cancelling a series of premarket trades that resulted in wild price swings in a number of stocks on Thursday, including Citigroup (C.N) and Hewlett-Packard (HPQ.N), the exchange said in a statement.

People walk outside the Nasdaq Market site in New York's Times Square, July 23, 2012. REUTERS/Brendan McDermid/Files

Nasdaq said it is cancelling trades in nine stocks in which trades occurred at prices that marked a swing of 10 percent or more from Wednesday’s closing prices.

“We have no comment further than our ruling,” said Robert Madden, a Nasdaq OMX spokesman.

Trades executed in the last minute of premarket trading on a third-party platform show wild swings in shares. Hewlett-Packard, for instance, closed on Wednesday at $14.53 a share. It saw more than 50 trades at $3.06 a piece, according to Thomson Reuters data.

Other stocks affected by the cancellations include AT&T (T.N), Wells Fargo (WFC.N), Western Union (WU.N), Kroger (KR.N), Ventas (VTR.N), Goldman Sachs (GS.N) and Sprint Nextel (S.N).

Nasdaq said trades in the following stocks will stand: Hess (HES.N), Reynolds American RAI.N, Williams (WMB.N), Salesforce (CRM.N), IBM (IBM.N), Leucadia National (LUK.N) and Molson Coors (TAP.N). Those stocks had also been listed in an announcement by Nasdaq of its investigation into potentially erroneous transactions just before the opening.

Reporting By David Gaffen; additional reporting by Caroline Valetkevitch; Editing by Chizu Nomiyama and Leslie Adler

Our Standards:The Thomson Reuters Trust Principles.
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