Shares of UAUA Lose Almost All Value After Erroneous Bankruptcy Report

WalterSobchak

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From Hemscott...

Shares lost 99% of their value in less than 15 minutes. United denies the report of BK.

UAUA now trading (as of 1553z) at 8.97 a share...down 3.33 on the day.

Holy hell...that's nuts.
 
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It has been stuck at $8.97 on reporting websites since it started crashing.

I'm not hating on United, relax Q-tip.
 
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http://nasdaqtrader.com/Trader.aspx?id=MarketSystemStatus

NASDAQ has reviewed the transactions under rule 11890 (b) on its own motion filing involving the security UAL Corp executed between 10:55:00 and 11:08:00 ET today and has determined that all trades will stand. This decision cannot be appealed. NASDAQ MarketWatch has coordinated this decision with other UTP Exchanges.
 
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http://www.nytimes.com/2008/09/09/business/09air.html?ref=business


United Shares Fall on False Report
By MICHELINE MAYNARD
Published: September 8, 2008

Shares of United Airlines lost nearly all their value Monday morning when a false rumor swept financial markets that the struggling carrier had filed for bankruptcy protection.

United shares traded at one cent in late morning on the New York Stock Exchange, down 99.92 percent, or $12.29. Its volume was more than 29 million shares. Trading in United shares was halted at 11:08 a.m., pending news from the company. At the time, shares were still down 27.07 percent, at $8.97.








Who knows now!
 

WalterSobchak

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United Airlines Issues Statement
09/08/2008

United Airlines today said reports that the company filed for bankruptcy are completely untrue and were caused by the irresponsible posting of a 6-year-old Chicago Tribune article by the Florida Sun Sentinel newspaper website with the date changed. The story was related to United’s 2002 bankruptcy filing, and United has demanded a retraction from the Sun Sentinel and is launching an investigation. United exited bankruptcy in February 2006.

United continues to execute its previously announced business plan to successfully navigate through an environment marked by volatile fuel prices and continues to have strong liquidity.
What's sad is that they could post a 6 year old article and it still have parallels to what is going on at UA today.
 

XPOO

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What's really nuts is that every airline in the country lost stock value at the same exact time as United, though not as severe, but still.
 

ePilot22

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$$$$

I wish I could have bought a million shares at $.01! I'd be fat and happy right now!!!


Really, just glad United isn't BK!





eP.
 

XPOO

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I wish I could have bought a million shares at $.01! I'd be fat and happy right now!!!


Really, just glad United isn't BK!





eP.
I'll second that
 

Stifler's Mom

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This is probably the biggest Wall Street debacle since the Duke Brothers (Mortimer and Randolph) tried to corner the orange juice market back in 1983.


(My money's on one of the SKW DX's to get this one)
 

XPOO

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Hey, Mortimer, we're back!
 
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XPOO

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Well, I would go would freshly sqeezed before frozen concentrate myself. But the line I alluded to was actually in "Coming to America" which was an homage to the movie "Trading Places." lol
 
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