Crazy Trade in Accenture
By Michael J. Zerinskas
May 06, 2010 3:30 PM
May 06, 2010 3:30 PM
In the Crash that happened a few minutes ago shares of Accenture (NYSE: ACN) were pushed as low as $0.01, yup one lousy cent, before rebounding to the $40.61, down 3.70% on the session.
Accenture is a large, diversified business services company that has not reason to trade down so precipitously. It appears that so much volume hit the tape, looking for liquidity that a 1903 style money crisis occurred, helped along by high-frequency program trading.
Similar price action, though not as exaggerated, can be seen throughout widely held (i.e. liquid) stocks.
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