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Each day, Benzinga takes a look back at a notable market-related moment that occurred on this date.
What Happened?
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On this day 26 years ago, Comparator Systems stock gained 3,025% and set a new record for single-day Nasdaq trading volume.
Where The Market Was
The Dow finished the day at 5,475.14. The S&P 500 traded at around 645.44. Today, the Dow is trading at 32,899 and the S&P 500 is trading at 4,123.34.
What Else Was Going On In The World?
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In 1996, Major League Soccer debuted in the U.S. In Japan, NINTENDO Ltd/ADR (OTC:NTDOY) released the Nintendo 64 gaming console. The average American earned $36,300 annually.
The Rise, Fall Of Comparator Systems
Comparator’s infamous trading day included a lot of noteworthy numbers. The fingerprint ID company with less than $2 million in assets started the day at a share price of 6 cents. But 177 million shares of the stock were traded on May 9, 1996, sending Comparator’s share price soaring more than 3,000% to $1.875 and pushing its market cap above $1 billion.
Not only did Comparator set a new record for daily trading volume, it more than doubled the previous record. In addition, Comparator single-handedly accounted for 21.1% of the Nasdaq’s record 804-million total trading volume that day.
The SEC eventually halted the stock to investigate Comparator and ultimately charged the company with fraud. Roughly a month after its record day, Comparator stock was delisted from the Nasdaq.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.