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Berkshire Hathaway shares appear to fall 99.9% after NYSE technical failure
A technical glitch on the New York Stock Exchange on Monday morning showed incorrect stock pricing or disruptions in the volatility of several stocks, most notably a 99.9% drop in the price of Warren Buffett’s Berkshire Hathaway (BRK-A) A shares.
Berkshire Hathaway (BRK-B) B shares, which trade at 1/1,500th the price of A shares, fell as much as 1.1% on Monday and appeared largely unaffected by the error, although volatility was pronounced in both issues as shares A shares reopened for trading near 11:35 a.m. ET.
“A technical issue with industry-wide price ranges published by CTA SIP triggered outages in a number of stocks listed on NYSE Group exchanges this morning,” read an NYSE statement emailed shortly after 11 a.m. EDT. east.
Price bands prevent outsized volatility or extreme movements in an individual stock. The NYSE said the affected stocks have already reopened or are in the process of reopening and that the issue has been resolved.
Chipotle (CMG) shares were temporarily halted due to volatility about 14 minutes after the market opened, although shares fell just 1.2%.
Horace Mann Educators (HMN) and Franco-Nevada Corp (FNV), a gold-focused streaming and royalties company, were also temporarily suspended.
Monday’s technical failure comes days later the missing of live calculations for the S&P 500 (^GSPC) and Dow Jones Industrial Average (^DJI) for about an hour.
About a week ago, the NYSE began clearing stocks on one business day to comply with a new Securities and Exchange Commission rule, with the time between trading and settlement reduced from two days to one day.
Ines Ferre is a senior business reporter at Yahoo Finance. Follow her on X at @ines_ferre.