09-08-2008, 10:18 AM
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#1
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In the Sin Bin
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UAL stock plunge: When "oops" is an understatement
http://www.globeinvestor.com/servlet...d0908/GIStory/
United Airlines stock fell 99.92% today, from just over $12 a share to 1 cent after the Chicago Tribune accidentally reposted a four year old bankruptcy story.
Umm, yeah, our bad...
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09-08-2008, 10:21 AM
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#2
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#1 Goaltender
Join Date: Sep 2003
Location: Calgary
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Good time to buy UAL then. HAHA
That is s pretty huge mistake but goes to show how jittery the market is now. Any news good or bad can have a huge effect on the markets now. Crazy times.
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09-08-2008, 10:24 AM
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#3
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Franchise Player
Join Date: Nov 2003
Location: Calgary, AB
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Can you imagine how many people lost millions of dollars today over a mis-print in a newspaper?
I'd be absolutely furious.
Reminds me of when Engadget posted an incorrect blurb about iPods a few months ago, and Apples' shares plunged and Steve Jobs theoretically lost like $20 Million Dollars
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09-08-2008, 10:26 AM
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#4
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In Your MCP
Join Date: Apr 2004
Location: Watching Hot Dog Hans
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Did they freeze trading on it? You could make some pretty serious cash if you bought in at 1 cent and it when back up to even a FRACTION of what it was at!
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09-08-2008, 10:27 AM
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#5
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Franchise Player
Join Date: Jul 2005
Location: in your blind spot.
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I have no idea how you could equitably "fix" this.
__________________
"The problem with any ideology is that it gives the answer before you look at the evidence."
—Bill Clinton
"The greatest obstacle to discovery is not ignorance--it is the illusion of knowledge."
—Daniel J. Boorstin, historian, former Librarian of Congress
"But the Senator, while insisting he was not intoxicated, could not explain his nudity"
—WKRP in Cincinatti
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09-08-2008, 10:29 AM
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#6
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Franchise Player
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Won't there be a rebound as everyone buys up dirt cheap UAL stock?
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09-08-2008, 10:31 AM
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#7
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Dances with Wolves
Join Date: Jun 2006
Location: Section 304
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So how does this work now? I don't understand a whole lot about the stock market, but I can't imagine the remedy for this is overly simple.
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09-08-2008, 10:31 AM
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#8
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In the Sin Bin
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Quote:
Originally Posted by Bobblehead
I have no idea how you could equitably "fix" this.
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It's already recovered:
http://finance.google.ca/finance?cli...&q=NASDAQ:UAUA
I had read that transactions from before a trading halt may have been nulled.
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09-08-2008, 10:32 AM
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#9
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Such a pretty girl!
Join Date: Jan 2004
Location: Calgary
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Holy frack... that's a blunder and a half...
__________________
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09-08-2008, 10:33 AM
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#10
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Lifetime Suspension
Join Date: Sep 2005
Location: The Void between Darkness and Light
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Quote:
Originally Posted by peter12
Won't there be a rebound as everyone buys up dirt cheap UAL stock?
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I would think the stock would still suffer on a reputation level. Airline stocks ain't the most secure investments, even without newspapers tarnishing the reputation of the company.
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09-08-2008, 10:34 AM
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#11
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Franchise Player
Join Date: Jul 2005
Location: 555 Saddledome Rise SE
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Well the "right" thing to do is to allow everyone to buy back their shares at the price they bailed out at...but I don't think that's possible.
Pissed wouldn't even begin to describe how I'd feel. Some people probably lost everything.
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09-08-2008, 10:38 AM
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#13
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Franchise Player
Join Date: Jul 2005
Location: in your blind spot.
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Quote:
Originally Posted by Resolute 14
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Oh, no doubt it would almost immediately rebound to the correct value, but someone lost a boatload of money and I wonder if there is any sort of contingency for those people to try and get money back. I wonder what the volume of trading was?
And it was actually the Florida Sentinel who reposted (and redated) the Chicago Tribune story. Was this an honest maistake or was someone trying to play with the markets? I'm sure the SEC will be on this hard and fast.
(and I know there won't be any way for people to get their money back if they sold when it was low - I'm just wondering the legal ramifications)
__________________
"The problem with any ideology is that it gives the answer before you look at the evidence."
—Bill Clinton
"The greatest obstacle to discovery is not ignorance--it is the illusion of knowledge."
—Daniel J. Boorstin, historian, former Librarian of Congress
"But the Senator, while insisting he was not intoxicated, could not explain his nudity"
—WKRP in Cincinatti
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09-08-2008, 10:39 AM
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#14
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Franchise Player
Join Date: Jul 2005
Location: 555 Saddledome Rise SE
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Would this be grounds for a lawsuit?
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09-08-2008, 10:47 AM
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#15
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Atomic Nerd
Join Date: Jul 2004
Location: Calgary
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Gosh darnit!
If I bought $5000 worth @ 1 cent a share and it went back to $10, I'd have $5 MILLION
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09-08-2008, 10:54 AM
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#16
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Franchise Player
Join Date: Aug 2005
Location: Calgary
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Wont they simply null void all trading from the point of the story and make it like the trades didnt happen?
__________________
MYK - Supports Arizona to democtratically pass laws for the state of Arizona
Rudy was the only hope in 08
2011 Election: Cons 40% - Nanos 38% Ekos 34%
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09-08-2008, 10:55 AM
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#17
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Atomic Nerd
Join Date: Jul 2004
Location: Calgary
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I read they corrected all the stop-loss trades
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09-08-2008, 11:02 AM
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#18
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Franchise Player
Join Date: Oct 2001
Location: NYYC
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Quote:
Originally Posted by Flash Walken
Airline stocks ain't the most secure investments, even without newspapers tarnishing the reputation of the company.
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Definitely not the most stable, but I've basically made a 50% gain off of Jet Blue stock over the last month....a lot of airline stocks were so damn low, they had nowhere to go but up as soon as oil started easing back. Sometimes the industries that everybody hates is the one that makes you money....which is probably why its not a bad idea to buy financials or home building stocks these days.
What a horrible blunder by the Tribune though.
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09-08-2008, 11:05 AM
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#19
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Franchise Player
Join Date: Jul 2005
Location: in your blind spot.
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Quote:
Originally Posted by Table 5
What a horrible blunder by the Tribune though.
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It wasn't the Tribune's mistake.
Quote:
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“Reports that the company filed for bankruptcy are completely untrue and were cause by the irresponsible posting of a six-year-old Chicago Tribune story by the Florida Sun Sentinel newspaper website with the date changed,” the company said in a statement
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__________________
"The problem with any ideology is that it gives the answer before you look at the evidence."
—Bill Clinton
"The greatest obstacle to discovery is not ignorance--it is the illusion of knowledge."
—Daniel J. Boorstin, historian, former Librarian of Congress
"But the Senator, while insisting he was not intoxicated, could not explain his nudity"
—WKRP in Cincinatti
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09-08-2008, 11:07 AM
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#20
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Franchise Player
Join Date: Jul 2005
Location: Calgary
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I believe I had a conversation about similar stuff with Cowboy yesterday...
__________________
Quote:
Originally Posted by Grimbl420
I can wash my penis without taking my pants off.
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Quote:
Originally Posted by Moneyhands23
If edmonton wins the cup in the next decade I will buy everyone on CP a bottle of vodka.
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