Nasdaq Cancels Some Kraft Trades After Unusual Spike
Nasdaq said it is canceling some trades of Kraft Foods Groupstock after it spiked briefly on the Nasdaqstock exchange shortly after the market open.
The unusual trades prompted Nasdaq MarketWatch to begin an investigation into "potentially erroneous transactions" involving the company's shares.
The company's shares opened at $45.55 a share before surging to hit a high of $58.54. They are now trading about 1 percent higher than their opening price. Nasdaq said it would be canceling some trades above $47.82. (Click here to get the latest quotes for Kraft.)
"Participants should review their trading activity for potentially erroneous trades and request adjudication through the Clearly Erroneous process within the applicable timeframe for filing pursuant to the rule," Nasdaq said in a release.
The unusual trading activity comes two days after Mondelez International, formerly Kraft Foods, spun off its North American grocery business into Kraft Foods Group.