May 4, 2011 / 4:58 PM / in 7 years

Unusual trade in Apple shares canceled: exchange

NEW YORK (Reuters) - A single trade in Apple Inc shares far below where the stock had previously been priced on Wednesday was canceled, said a spokesperson at the exchange where it was generated.

One trade of 100 shares was executed at $321.87, more than 7.5 percent below Tuesday’s close, before being busted by the BATS exchange.

“The trade was busted under BATS clearly erroneous trade policy,” a spokesperson for the exchange said in an email.

Apple shares closed up 0.4 percent for the day at $349.57.

Unusual activity in Apple also occurred on February 10 when its shares dropped by more than 2 percent in just minutes before recovering, another example of unexplained stock volatility that has caused headaches for regulators and investors.

The latest sign of abrupt volatility comes almost a year after the May 6, 2010, “flash crash,” which wiped out nearly $1 trillion in market capitalization from the U.S. stock market in a few minutes.

Apple said it does not comment on stock moves.

Reporting by Rodrigo Campos; additional reporting by Chuck Mikolajczak; Editing by Dan Grebler

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