UAL Stock halted.....01

fly22

Well-Known Member
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.
 

ladder360

Well-Known Member
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

Well-Known Member
UAL - Nearly dead on a false rumor.

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

Damn!
 

killbilly

Vocals, Lyrics, Triangle, Washboard, Kittens
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....
 

BobDDuck

Island Bus Driver
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?
 

fly22

Well-Known Member
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

Well-Known Member
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

Well-Known Member
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.
 

aloft

New Member
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.
 
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