Nasdaq and other exchanges canceled some trades of Kraft Foods Group Inc. Wednesday following an unusual spike after the market opened.
Kraft’s shares opened at $45.55 before surging to $58.54. The Nasdaq said it is looking into “potentially erroneous transactions” but gave no details on the cause of the issue. The issue comes only days after Kraft Foods and former Kraft snack business Mondelez International began trading as two separate companies.
Nasdaq and other UTP exchanges, which include NYSE Arca, Direct Edge and BATS, agreed to cancel all trades above $47.82 that happened during a one-minute window at 9:30 a.m. EDT.
There have been several high-profile trading glitches recently with the increasingly complicated electronic systems that run stock trading. Those systems have shown signs of strain from powerful computers to execute trades in fractions of a second. Kraft’s shares fell 55 cents to end trade at $44.87.
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