There were initial trades at $15.25 (stock was priced at $16), and then within seconds, a series of roughly 560 trades in pennies, that were clearly erroneous.
What happened? We are still waiting for an explanation. I have ventured a few guesses on my prior TraderTalk post.
What will happen to the IPO? Can they retool and refloat it? Sure they can. But don't bet on it.
One big problem: they had a $12.01 cost on their stock. They went public at $16. David Menlo, head of IPOFinancial.com, told me: "They are now officially buried at a loss. The company will have a long way to go before or if any entity will value it at anything close to that level."
And most traders I talked to said withdrawing the IPO was the smart thing to do. The reason: no litigation, or at least much less litigation.
One final point: BATS' main exchange accounted for only 6.7 percent of all market volume today, notably less than the roughly 8.61 percent average it accounted for in the prior 4 days. Not sure if this is an anomaly, or due to trading halts, or a sign of less confidence in the exchange.
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