Shares in beleaguered market-maker Knight Capital rallied as much as 27 percent after the opening cross in New York, following reports yesterday that the firm had hired Goldman Sachs and Sandler O'Neill to advise it on financing.
Knight shares have fallen nearly 70 percent — erasing $690 million in market cap — since the company said it would lose as much as $440 million on a computer glitch earlier this week.
On Tuesday, a trading program unexpectedly began entering $5 billion worth of trades on more than 140 New York Stock Exchange listed securities in the course of a few minutes.
A number of reports, including those from Fox Business and the Financial Times, show that those trades were meant to be executed over a period of about five days.
Shares have come down slightly from earlier highs this morning, now up about 20 percent.
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