Goog gurgles | Blogads

Goog gurgles

by henrycopeland
Tuesday, September 30th, 2008

In the closing four minutes of trading today, Google dropped $70 on volume of 4.27 million shares to $341. Usually trades 50 to 100,000 shares in a 4 minute stretch. Either somebody knows something, somebody panicked or somebody mistakenly added an extra zero (or more) to a sell order. In after hours trading, Google is back up at $410. To put the swing in perspective, that’s a roughly $20 billion swing in Google’s valuation in 4 minutes.

Update: Clearly there’s zero liquidity in the markets right now. A big seller comes along and all the buyers hide. Who me? I’m not a market maker in the hottest tech company around. Maybe they’re going out of business and I don’t know something. Pity the poor guy who finally stepped up to buy the 4.27 million shares at a deep discount (approximately $280 million discount to be exact)… only to have the trade DKed the next day. (DK: Street lingo for “don’t know” or cancelled trade.)

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