NYSE Trading Glitch Causes Chaos for Berkshire Hathaway and Other Stocks – Normal Trading Resumes After Technical Issue

NEW YORK – Trading on the New York Stock Exchange returned to normal on Monday morning after a technical issue caused significant fluctuations in stock prices, including notable companies like Berkshire Hathaway, owned by Warren Buffett.

Around 11 a.m. ET, the NYSE announced that a technical problem with the market’s main electronic stock price publisher had been identified. Most affected stocks had either reopened for trading or were in the process of doing so. The issue was later attributed to a possible software update that affected price “bands” or volatility restrictions.

The Consolidated Tape Association, responsible for the electronic price publication, explained that the problem was resolved by reverting operations to a previous software version in a different data center. Approximately 50 stocks were impacted, with trading halts lasting about an hour for those companies.

One of the most striking price discrepancies during the incident was the display of Berkshire Hathaway’s Class A shares as down 99% from their actual value of around $620,000 per share. This error was corrected, and trading resumed at normal levels shortly after 11:30 a.m. ET. Other affected stocks included companies like AMC Entertainment, Chipotle, and GameStop.

Earlier in the day, GameStop shares had surged following an announcement by trader Keith Gill, known as “Roaring Kitty” on social media, that he was increasing his investments in the stock. The NYSE directed inquiries to its official website for further comments on the incident.

Overall, the technical issue underscores the importance of stable and reliable systems in financial markets to prevent misinterpretations in stock prices that could lead to significant market disruptions. Such incidents serve as a reminder of the complexities and potential risks associated with electronic trading systems.