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Twitter Trades To Stand Following Inadvertent Earnings Release Before Market Close

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Twitter Inc (NYSE: TWTR) earnings were scraped off a historic URL used by Twitter from a third-party source. Following the inadvertent release, shares of Twitter were halted. Following the halt, Nasdaq announced it would review trades in Twitter.

Nanex shows in a chart that following the halt and upon resumption, trades were executed above the Limit Up-Limit Down band.

See Also: Twitter Q1 Earnings Live Blog: Report Leaked, Shares Crash

The trades within the circle were executed above the LULD band and those were the trades under review. Nasdaq doesn't seem think these trades should be busted and just updated its website with comments on the review:

"Pursuant to Rule 11890(b) NASDAQ, on its own motion, in conjunction with Bats, NYSE-Arca and NYSE has determined that all trades in security Twitter Inc. (TWTR) that were executed in NASDAQ between 15:47:00 - 15:48:00 will stand. This decision cannot be appealed."

It appears that the trades in question were entered into the Nasdaq system prior to the halt and were re-timestamped after the human rebuilt the book before trading resumed.

Posted-In: Nanex NASDAQNews Legal After-Hours Center


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