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Apple Stock Trading Halted Briefly on Sudden 9% Drop

BusinessInsider reports some strange activity on Apple's stock today. Trading was halted due to an abrupt drop of over 9%.
The stock crashed 9% to $542.80 before trading was stopped. When the stock started trading again, it opened at $598.39
Trading has since resumed, but there has been no clarification on what happened. StreetInsider speculates that it was "an apparent errant trade".
Image of drop from WSJ

With news of the dividend and record iPad sales, Apple's stock has been at all time highs in the past week.

Update: Bloomberg pinpoints the issue to a single trade for 100 shares executed by Bats Global Markets Inc.
A single trade for 100 shares executed on a Bats venue briefly sent Apple, the world’s most valuable company, down to $542.80, triggering a circuit breaker that paused the shares. The order was executed at 10:57 a.m. New York time. Two more transactions, which sent the stock back above $598, were made before the halt. The stock stayed around that level once trading resumed.

Top Rated Comments

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64 months ago
Apple's stock beachballed for a second.
Rating: 37 Votes
64 months ago
It was that Samsung VP of Design doing something "creative". ;)
Rating: 24 Votes
64 months ago
Someone, somewhere just had a mild heart attack.
Rating: 17 Votes
64 months ago
Yet another trading robot gone bananas.
Rating: 14 Votes
64 months ago
The trade hamster fell off the wheel.
Rating: 13 Votes
64 months ago
stock trader is probably the most unnecessary profession in the world.

Become a farmer, grow food.
Become a construction worker, build something.
The world would be a better place for sure.
Rating: 13 Votes
64 months ago
Apple tried using Bitcoins, apparently.
Rating: 10 Votes
64 months ago
Huh? So a shareholder can wreak havoc on the markets by simply selling a small amount of shares (100) for a below-market price? Seriously?
Rating: 9 Votes
64 months ago
I really love chatting about the market and investing, but the general lack of knowledge about basic investing and finance on this board is so discouraging it sours the fun. I'll get down-voted for sure, but I'd just urge people to learn about this stuff before making ridiculous statements. I don't go into threads about photography on macrumors and make posts acting like I know something I clearly don't, so it would be nice if people did the same.
Rating: 9 Votes
64 months ago

In all honesty, who cares? Stocks ALWAYS with out fail, will fall. Nine times out of ten they recoup better than before. So what if Apple's stocks fell 9% tomorrow it'll be up 10 - 15%. It's not the end of the world if Apple loses money, they have more than anyone else. Your time would be much better spent helping some random person in your neighborhood than fretting about the stock market, that's real investing.

You didn't even read the article did you?

BTW, a sudden 9% drop in a stock valued at nearly $600 a share is not in any way normal.
Rating: 7 Votes

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