remphish1 Posted September 9, 2008 Share Posted September 9, 2008 It is a scary economic time. I used to invest in the market but was spooked by the economy and pulled out everything awhile back. Although I have no money in the market I still keep up on economic news and watch the market. Anyway if anyone was watching United Stock yesterday an unbelivable event happened. An 6 year old news story came out yesterday with a new date on it. The stock was at $11.50 or so then said newstory came out..within a minute or so the stock dropped to $3! In a couple of minutes United Airlines lost 1.13 Billion in Market Cap! Then the said story was rebuffed by United and some others and the stock went back to $10.50 or so. In the meantime millions of shares traded. People with stop losses got clobbered because a fake story and many hundreds probably covered their short positions. I sence some sort of conspiracy no? Take a look at the 5 day chart! Yowza! http://finance.yahoo.com/echarts?s=UAUA#ch...ource=undefined And said news story on what happened... http://biz.yahoo.com/rb/080909/ual.html?.v=3 Scary times...thoughts? Quote Link to post Share on other sites
Guest Jules Posted September 9, 2008 Share Posted September 9, 2008 Crazy. How do you avoid this though? Does Google share some responsibility? Quote Link to post Share on other sites
Central Scrutinizer Posted September 9, 2008 Share Posted September 9, 2008 Crazy. How do you avoid this though? Does Google share some responsibility?I would say google has zero responsibility. It's amazing with all the lies and bashing and blogging that is done on the Internet, with little overall effect, some little boneheaded glitch can have this much impact. Quote Link to post Share on other sites
remphish1 Posted September 9, 2008 Author Share Posted September 9, 2008 Supposedly Bloomberg news had a hand in releasing the story....investigation pending of course. I don't think there is anything the average investor can do to avoid a situation like this and that is what is REALLY scary! Quote Link to post Share on other sites
Central Scrutinizer Posted September 9, 2008 Share Posted September 9, 2008 Supposedly Bloomberg news had a hand in releasing the story....investigation pending of course. I don't think there is anything the average investor can do to avoid a situation like this and that is what is REALLY scary!Guess it just wasn't Bloomberg's week: Bloomberg mistakenly publishes Steve Jobs obituaryhttp://news.cnet.com/8301-13579_3-10027886-37.html Quote Link to post Share on other sites
sureshot Posted September 10, 2008 Share Posted September 10, 2008 sucks for the people who had automatic sells on their shares. yikes! Quote Link to post Share on other sites
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