A glitch on the New York Stock Exchange sent trading into chaos on Monday after incorrect prices were posted for some stocks. Some showed declines, including Warren Buffett's Berkshire Hathaway, which mistakenly showed a 99% decline.
“A technical issue with the industry-wide price bands published by the CTA SIP caused bans on a number of stocks listed on the NYSE Group exchanges this morning,” the NYSE explained in a statement. “The affected reserves have since reopened (or are in the process of reopening) and the issue of price bands has been resolved.”
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The glitch was fixed around 11 a.m., the statement said, although as of late Monday afternoon, numerous stocks were still on a trading halt, according to exchange website.
Berkshire Hathaway's A shares were affected by the defect, although the company's B shares were largely unaffected, except for a 1% drop in valuation.
The company's A shares were listed at $185.10 at the midpoint, which would have brought the company down more than 99.9% after Friday's close at $627,400. Berkshire's A shares reopened for trading just after 11:30 a.m
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Other stocks affected include Chipotle and Horace Mann Educators, both banned due to volatility. At least 40 different stocks were affected by the technical issue.
The NYSE's parent company, Intercontinental Exchange, told CNN there is no indication that the glitch was caused by cybercriminals or a cyberattack.