Progress Energy Stock Halted by U.S. Volatility Curb
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Progress Energy Inc. stock trading was halted for five minutes following a 90 percent decline that triggered a circuit breaker implemented after the U.S. equity market crash in May.
The plunge was caused by an “inaccurate limit price entered by a trading firm,” according to a statement from Nasdaq Stock Market. Progress Energy exceeded $44.50 at 12:57:52 p.m. before more than 100 transactions during the same second drove it to $4.57, data compiled by Bloomberg show. More than 50 trades were canceled on Nasdaq, Bloomberg data show. The stock changed hands for $43.90 following the pause.