Trading Halted for United Airlines (UAUA) on September 8th
The stock of United Airlines (UAUA) had a bizarre drop yesterday — from $12.00 to one penny ($0.01) per share — due to a FALSE news story that the airline had filed for bankruptcy and was going out of business. See the chart for UAUA below:
The story was quickly picked up by search engine spiders and news wires. But before the story could be refuted, trading of the stock had been halted on the real stock markets for about 90 minutes. However, Survivors could still trade UAUA throughout the day, at prices not available in the real markets.
Several astute Survivors, most notably Aaron Leigh, took advantage of the situation, bought the stock when it was dirt cheap and proceeded to make a fortune ($4.48 million) in one day!
Unfortunately, this is not fair to other Survivors, nor is it realistic.
Therefore, we are canceling all trades of UAUA that were placed between 10:56AM and 12:27PM EST. This is the only way to fairly treat all Survivors in the game.
Further, we have used this experience to improve our trading engine and have implemented a new check before an order is placed to see if real market trading has been halted for the stock. This improvement will bring WSS even closer to the real markets by eliminating trading in halted securities and make the game more fun and valuable for everyone.
- Posted in : Stocks
- Author :Mark Berger
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