UAL Stock halted.....01

[fly22]

They just halted UAL stock, went from $12.29 to .01 in a matter of a few minutes due to a BK rumor.


Scary times.

 

[Kristie]

oh wow!

 

[airlinetoATC]

Rumors of United bankruptcy temp halt trading

http://news.briefing.com/GeneralCon.../ArticlePopup.aspx?ArticleId=SI20080908110449

http://www.marketwatch.com/News/Sto...CA-17A6-4639-A6CA-F6DFD7024961}&siteid=yhoof2

 

[ladder360]

Wouldn't be surprised if the BK rumor was true. Stocks rarely (if ever) plummet that far, that quick on unfounded speculation. Bummer for the United folks. Sadly, I wouldn't be surprised to see American in the same situation here before too long. I hope I'm wrong!

 

[Itchy]

UAL - Nearly dead on a false rumor.

Last trades before the halt - .01 dollars! All on a rumor they declared ch11!

Damn!

 

[ILSstud]

Re: UAL - Nearly dead on a false rumor.

wow...you JUST beat me to it! Sucks man...

http://finance.yahoo.com/q?s=UAUA

 

[killbilly]

Wouldn't be surprised if the BK rumor was true. Stocks rarely (if ever) plummet that far, that quick on unfounded speculation. Bummer for the United folks. Sadly, I wouldn't be surprised to see American in the same situation here before too long. I hope I'm wrong!

Sounds like a buy move....

 

[Toria]

Sounds like a buy move....

Perhaps, but airlines are not good places for long term investing though. Get in quick, get out fast.

 

[Derg]

Perhaps, but airlines are not good places for long term investing though. Get in quick, get out fast.

Friends don't let friends buy airline stock!

 

[Itchy]

Turns out to be a rumor of a rumor.

Now: 9.0

http://finance.aol.com/quotes/ual-corporation/uaua/nas

 

[BobDDuck]

So a Bloomberg terminal somehow gets a several years old Chicago Trib news headline and panic ensues. Tell me what's wrong with the system again?

 

[granlistillo]

Friends don't let friends buy airline stock!

Au Contraire mon ami

Friends encourage friends to Cover (buy) their short (Sale) of airline stock for a tidy profit.

sell UAL hi and buy low (.01)

 

[fly22]

you couldn't buy it at .01, it was halted. Not until ti came back to average range would they allow trading, hence the move right back up to 8-9 price range.

My point is how flighty the industry is and how a rumot can mess a company up bad. Still 8-9 a share is crap.

 

[granlistillo]

Yeah your right
The exchange will halt trading per SEC rules if a stock drops too precipitously during a session. But a lot of stops were taken out, and today would have been a good time to cover a short or sell in the money puts. So it was a bad day for those betting on UAL.

i would not naked short any stock, and be careful about investing in any airline, though I made a tidy sum off Frontier a few years back.

As a pilot, I hope we always have access to capital markets. As an investor I cant understand it.

 

[Patrick]

This is interesting, although I would never naked short anything. Of course, hindsight is always 20/20....

Airlines are certainly not a place for long term investing, any way you look at it.

 

[fly22]

Naked shorting is no big deal if you know how to Delta hedge.

 

[ComplexHiAv8r]

Sounds like a buy move....

Shoot! Have the call the broker about my Short on UAL!

I'm not just an owner of UAL stock, I'm a supporter of a UAL retiree. :banghead:

 

[SeanD]

I wouldnt be surprised to see UAL go out of business in the very near future.

 

[aloft]

Naked shorting is no big deal if you know how to Delta hedge.

From the investor point of view, sure--but it's harmful to companies when misused by traders, and is a loophole that should probably be closed.

 

[granlistillo]

Naked shorting is no big deal if you know how to Delta hedge.

If you are hedged then you are not "naked".