Nanex ~ 07-Jan-2014 ~ The Most Valuable Stock in the World
On January 7, 2014 at market open (9:30 ET), the NYSE listed stock of CatchMark
Timber Trust, Inc
(symbol CTT, market cap $2.5 Trillion to $175 Million), had the distinction
of being the most valuable stock in the world when it traded on Nasdaq at the Official
Market Center Opening Price of $199,999.00. Almost immediately after, the best ask dropped
to $99,999.00 and stayed there for about 50 seconds, before dropping below $20. At 9:31:43,
it opened on NYSE at 14.25 - wiping out the $2.3 Trillion windfall in capitalization.
The trade at $199,999.00 was busted by the exchange at 10:16:21. Apparently it took
a while to determine there was a problem.
1. CTT - Trades color coded by reporting exchange and NBBO (gray shading).
2. CTT - Best bids and offers color coded by reporting exchange and NBBO (gray shading).
Note that more than 1 exchange had a best offer at or above $199,999.00.
3. CTT - All bids and asks color coded by reporting exchange and NBBO (gray shading).
Those weren't stale quotes - their were plenty of updates.
4. CTT - All bids and asks color coded by reporting exchange and NBBO (gray shading).
Shortly before opening on the NYSE, the National Best Ask suddenly rocketed from $18
to $255. Multiple exchanges participated in the run up.