Moves in Nokia, MEMC, Financial ETF Spur Trade Error Concern
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Shares of companies such as Nokia Oyj, MEMC Electronic Materials Inc. and an exchange-traded fund tracking financial shares made unusual moves today, spurring concern about computerized trading errors.
U.S. shares of Nokia jumped as much as 18 percent and fell more than 14 percent, while MEMC dropped as much as 20 percent. The Financial Select Sector SPDR Fund jumped as much as 2.8 percent before erasing gains and trading lower. Other stocks making unusual moves between 10 a.m. and 11 a.m. New York time included Pandora Media Inc., Hatteras Financial Corp. and Las Vegas Sands Corp.