Stocks See Big Moves on No News, Order Routing at Knight Capital May be to Blame
On Wednesday morning, several major stocks saw large swings on seemingly no news. Stocks that saw major swings included Kronos Worldwide (NYSE: KRO), CoreLogic (NYSE: CLGX), Molycorp (NYSE: MCP), Quicksilver Resources (NYSE: KWK), JetBlue (NASDAQ: JBLU), Goodyear Tire (NYSE: GT), Humana (NYSE: HUM), and Allegiant Travel Company (NASDAQ: ALGT).
Speculation was rampant that the moves were due to issues with routing orders at Knight Trading Group. A trader told Benzinga that trades were being executed but confirmations were not going out. Bloomberg reported that Knight Capital is currently looking into the stock swings.
Knight Capital itself traded down over 7% early Wednesday.
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