Also in this playlist...
This transcript is automatically generated
Down 9% for more let's bring in Charlie Gasparino he's been doing some digging on the ramifications.
You don't -- -- -- you don't know what we kind of gloss over the so why did they -- the stock.
I think we think -- they just all the stuff with -- -- the stock because when you inadvertently release earnings and we should point out they're not the only ones we've there was one.
In particular -- told about little later.
-- and NASD earning we're rules New York Stock Exchange rules depending on what were you trade.
I'm 99.9 99% sure SEC rules.
It's something known as fair disclosure reg fair disclosure -- fiscal we UFT where you know you must release.
Material whatsoever -- and earnings are pretty material are in a uniform -- so my guess is and you know I I do not have this confirmed by the securities exchange commission.
They're gonna have to look at this as they look at other trading mishaps this gets to the heart the fundamental -- the process of how the market is supposed to work.
Do investors feel comfortable to market where people like fat have fat fingers and just you know below -- should truth should out trades like like Knight securities which -- the firm.
Or in this case you know.
Pre release earnings.
Inadvertently released earnings that -- the stock down 10% that's a big that's a big screw up so we do know that the reason when he halt this thing is that the exchanges.
This violates a lot of rules in terms of how -- roll out material information.
Let's put up what he's talking the intraday chart once again and and it's important -- you will see 12:30 PM eastern time.
And remember we were all expecting this to come out after the bell earnings after the -- that's what they share and that's what's released.
But it came out of contract it's -- if you -- generally people basically Dow Jones Lang LaSalle is -- because in January due to the same thing.
Are there earnings were better so tell people what they do who they are there accompany him OK David I think -- royals could be real estate brokers but that we just finished -- -- -- here.
Because it's -- doubles as a matter what they do they trade on the New York Stock Exchange immediately they halted the stock they -- -- -- the New York Stock Exchange up.
And they base and launch what they called was an investigation because.
When this stuff happens you you really really gets the regulators annoyed because it dozen people don't get.
The information uniformly so what happened would show which -- Jones.
Which which owns LaSalle is that.
After they halted the stock -- hold.
The press release of the earnings which was on their web site.
Somebody still had -- screen -- and they kept sending it out so I was still trading and by the way it without selectively to the people that knew was there.
That's the interest in part you know I'm saying that violates the fair disclosure contains -- problems out to everybody the same time our problem is if you own Google you had an -- calendar that earnings came out after the -- you weren't ready may -- not looking at.
And therein lies -- I think probably you know QE2 just in about this is this reminds you -- kind of a mini FaceBook situation every.
What white -- -- FaceBook trade down so much so violently amid nasdaq's parent would do it wasn't just -- -- it was you know the fact that there was.
A lot of built and selling demand from institutions because they get the state they got three.
I think before -- the IPO they were told that they were -- earnings issues but also nasdaq's issue when you have when you have.
That type -- technical sort of glitch.
Well guess what selling demand increases its -- don't -- signal to our people waiting back in the rating to -- -- If you look at their competitors out there Yahoo! was down but I do is down everybody everybody getting caught in -- -- -- -- and you know when you when you look at those numbers you think they didn't all have bad news today on the twenty again we have FaceBook is down more than 4% right now that's pretty good today yeah on today's news well -- news I'm I'm look at that there is no real news on that is -- it is just down the market.
-- features a cell detects other EC for example -- down one and two thirds percent Yelp is losing three and a third Yahoo! appears to be considered sort of that major.
You could argue Microsoft which comes out with earnings after the bell.
If there isn't any inadvertent punch although Microsoft has never toward that Microsoft with its bing search engine and not as much a player but certainly.
You know looking for any comment that I mean you know I I think things like this I don't wanna give too much credence to a mistake I agree to beefing up music itself like this.
Really does hurt market confidence I think when investors see.
You know fat finger traders causing -- -- -- prayers or.
You know somebody at -- securities not know what they're -- winning cynical these are never -- what happened star.
And our RG is that -- suddenly see the chart look at -- okay they -- down nearly as much they did take a bigger hit initially if you look at hears about that.
Think this is a stock that everybody should be -- in the next couple days this is something because this is a company is -- -- tremendous pressure.
Right because of the Internet are done what I remember covering Wall Street's and for the last forty years is as the company is to print all the prospectuses and all the earnings stuff in these.
This was a financial pretty used to be huge business but it.
Let's go out drink with these guys they weren't they were so flush with cash I think it was only three of them they were the biggest.
And you know they spend money on everything you know and -- -- Now here's the thing because -- -- into that they've gone out of you know being the issue it's hurt their bottom line can look at is -- ten dollar stock I like to see a five year tenure on this thing -- interest thing.
-- this thing should hurt the reputation.
It should but it's not right now I mean now had a interest -- -- who knows why I mean I have no idea why maybe because it's.
You know it's a mistake.
Is because it means you after I had no idea but I think this is a stock that you follow for next couple they see if it moves.
You're trader does and how -- telling nutrients if -- traitor stuff like this is -- the flash point is this a firm that's going to be.
They have Geithner highlight that supported for an all stock it's like a ten dollar stock now -- -- dollar -- now that's that is the Internet taken it out.
You know if you're looking over the last few picnics -- they see what if this hurts them from -- reputation standpoint where people stop doing business I mean it's possible -- this is.
A real problem for this company.
Filter by section