One of our vanguards in American investments took a hit this week losing $10 million dollars a minute. Knight Capital Group estimated losses to be $440 million dollars on Wednesday from what they defined as a computer glitch. Sources revealed new computer software recently installed at Knight went haywire before the melee could be stopped.Knights own stock fell 75% from $10.33 to $2.57. The $440 million dollar hit is in stark contrast to Knight's second quarter earnings of $289 million. Several large traders poured over Knight books indicating a possible buy out. Knight was administering intensive care, many predict Knight will follow the MF Global scandal and slip into bankruptcy over the weekend
One of the stocks who benefited in wild swings was Wizzard Software who saw their shares soar $14.00 in minutes. There have been no ties to software bugs at Knight and Wizzard Software share up.
No comments:
Post a Comment