NYSE resolves glitch that showed Berkshire Hathaway down 99%

A New York Stock Exchange glitch showed erroneous prices for several stocks, including Berkshire Hathaway class A shares (BRK-A), which were shown to be down 99.9%. The issue has since been resolved.

In the video above, Yahoo Finance's Jared Blikre breaks down what happened on Wall Street today.

For more expert insight and the latest market action, click here to watch this full episode of Market Domination.

This post was written by Stephanie Mikulich.

Video transcript

Let's get some trending tickers now.

Investors starting the week with quite a curveball as the New York Stock Exchange that a technical issue was responsible for large fluctuations in the prices displayed for certain stocks, including Warren Buffet's Berkshire, half the way here to help us explain what exactly happened.

Yahoo Finance is Jared L. People looking at BRK definitely had to do a double take today.

Jared Yes, and I saw some articles from certain news organisations that had to be retracted.

Berkshire Hathaway did not go 100% down today.

I can verify that.

But we do have a statement that we can attribute to a New York Stock Exchange spokesperson about the resolution of this issue, it says after the market opened on the morning of June 3rd, that's today.

Technical issue involving industry wide price bans published by the Consolidated Trade Association Securities Information processor triggered limit up, limit down.

Trading halts on up to 40 symbols on the N group exchanges.

And when we take a look at some of these symbols and I have them in the Wi Fi Interactive, it's not exhaustive, but we have quite a few here.

You can see Berkshire Hathaway.

The air shares are front and centre, and they are currently trading at $625,000 662 dollars and 50 cents per share.

But that was not the price reported earlier.

Some other big takers affected Abbot Chipotle Mexican Grill, and we also have some smaller takers as well, including Gamestop, up 30% today and also AC up about 13% today.

And all of this comes on the heels of a new trading practise that was instituted last week, which is T plus one settlement, which means all the stocks are going to be settled in one day as opposed to two days previously.

It's not known if this is in any way related to it, but within the last week we've had a couple of trading glitches and it's been supposed or proposed that maybe it is the issue I dug around on the website for the NY and I came across another statement here and this kind of explains also what's going on today between 9:30 a.m. and 1027 a MC T that's Consolidated Trade Authority experienced an issue with limit up limit down price bands that may have been related to a new software release.

So just another one of those cases of new software release they did able to They were able to fix the issue by failing over to a backup data centre.

But I guess the good news is is that all of these stocks that we're looking at right here were not limit down at their lows today.