United just filed for Chapter eleven

[dapoes]

No, the SEC will reverse the transactions if United asks them to. I don't see where their stock dipped lower than $3.00 today. It looks like trading was suspended after UA contacted the SEC and reported the story was false.

Not quite, SEC cannot simply "reverse the transactions" and it did drop to 1 cent. I saw as it was frozen for 90 min. See market activity http://finance.google.com/finance?q=NASDAQ:UAUA

Open: 12.16
Low: 0.01
Vol: 54.65M

 

[FWAAA]

Here's a post-mortem on what went wrong at ISA and Bloomberg, leading to the erroneous news item:

http://www.msnbc.msn.com/id/26608735/

Article says that the lone trade at one cent was later reversed but that all other trades pre-trading halt will stand.

 

[WingNaPrayer]

A Low of one penny is where it was placed while it was shut down. Trading never reached a penny and if it had, the NASDAQ and SEC would have had no choice but to not only suspend trading of the paper, but reverse detrimental trades as well. Why should this or any other airline be forced to experience such a great loss based on a mistaken story? If such things were legal, we would have them in the news every day driving stock prices down and your average joe would become a millionaire over night.

I almost felt guilty buying AMR at 1.36 post 9/11, but at least it was a legitimate price, not one created by false reporting, intentional or otherwise.