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Twitter earnings were scraped off a historic URL used by Twitter from a thrid-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.
The trades within the circle were executed above the LULD band and those were the trades under review. Miraculously Nasdaq doesn't seem think these trades should be busted and just now updated their 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 we're entered into the Nasdaq system prior to the halt and were re-timestamped after the human rebuilt the book before trading resumed.
So with that said, be careful when your stock is halted following an unexpected material release, you may just be inadvertantly executed and will not be appeal your case even if the trades in question clearly break the exchange rules in place.
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.
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