Shares of Amgen AMGN just flash crashed in premarket trading on Tuesday. Shares crashed from $157.57 to $83.43, a drop of 47.10 percent. Thanks to Nanex we can see just how wild the hammer down was. The market on Nasdaq crossed, meaning what someone want to sell shares for was less than what someone wanted to buy them for, a big no-no according to the SEC. This action follows problems that IEX Exchange experienced on Monday when its options trading system went black. All investors can do is hope the SEC is using its MIDAS program to control manipulative trading tactics.
Chart of Amgen courtesy of Nanex:
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