PGN; Latest Mini Flash Crash
$44 ==> $4
Even with a Circuit Breaker designed to stop these types of scenarios once the price move hits 10%, the velocity of trading today is such that you still have trades in the pipeline that hit down 90%.
Zerohedge eloquently describes the events here: http://www.zerohedge.com/article/44-4-less-second-todays-flash-crash-brought-you-courtesy-nasdq-and-broken-circuit-breakers
We will additionally comment that PGN, a “sleepy” electric utility company, is likely represented especially among older investors and savers, as well as numerous ETF’s. While trades are undoubtedly being broken everywhere, this again highlights the need to address the fragmentation and speed issues in our market structure. After all, we are witnessing these moves with a circuit breaker.