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Wizzard Software CEO Chris Spencer on the company’s shares spiking after the Knight Capital trade glitch.
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Bringing Chris Spencer he's the CEO wizard software corporation his company's stock -- shortly after the night trades went down Chris thanks so much for joining us.
So how did you find out that your company was being affected by -- that's.
Well honestly we just started in the stock going up at first -- stock started going up a little that it started going up a little faster.
And because those things that we've been working on we have seen that over the last week or so with so to us we just kind of excited -- finally everybody realize how great we -- but quickly we realized that something was definitely very wrong.
And out that we had this peaks despite all the sudden -- after about 25 minutes and the stock just ran up 300% very quickly and it's funny because my -- -- my investor relations -- -- me because the computers have taken over you know we just kinda new at that point something was wrong.
Yeah and does he said you know -- -- and even working on.
In acquisition of a Chinese tech company this week how did you explain to investors what was going on what have you done since this happened.
What you -- it has been kind of probably it's definitely the last 24 hours have been very typical forest.
First we started getting calls saying can we hear you're involved in some kind of trading himself Fiat.
-- -- trading was given.
We had to quickly explain to and that that was really the case you know what's been going on and we were all.
Only -- information you know -- bits and pieces here in the air from people such as yourself that's Fox Business news so but we finally got it settled down we have had to discuss it with the people were requiring fab two great companies they were very understanding.
But he definitely did impact of people that are really educated on what how.
Happening out here that are watching the shows constantly and that you don't for a little while there was kind of touching -- You know there's so much algorithmic trade that's going on out -- so much high frequency trading.
Does it make you nervous I mean you said the computers have taken over does that make you nervous to have your -- In the hands of computers at this point.
Well you know we've been dealing with this for a couple years obviously nothing like this are in the last 24 hours but we've seen computers now trading the stock and it's a little easier for us since we're smaller company.
But -- I don't know at times I think maybe 70% of our volume tends to be algorithmic -- and dealing with speech recognition and other types of technology we actually know a lot about algorithms and I think that there's a place -- them.
I just then I'm also not somebody who wants more regulation or oversight necessarily but I think some lead to make sure that they know what they're doing before they release the new algorithm on the entire markets.
Yet and I'm looking -- stock chart right there did -- return to its original level design it I mean it's been over the course but it looks like it's back to where it was before all this happened.
No actually we're still -- Even with the cancel trades.
The New York Stock Exchange had to do we hit new 52 week high end we stayed up I don't know the exact percentage maybe 18% or so so it's not the end of the world for us once we were able to explain it to a lot of nervous shareholders and the company.
That -- -- so it has been terrible but at the same time it is concerning.
Absolutely all right Chris Spencer thanks so much for joining us we appreciate it.
