Apple Stock News: APPL Shares Plummet 9.4% On BATS During IPO Launch

Apple shares took a tumble on Friday, plunging 9 percent on a technical system glitch and causing a flash crash on the BATS (Better Alternative Trading System) exchange the same day BATS launched its IPO. The error also caused BATS stock to drop 4.7 percent, forcing a halt to the trading of its own shares.

Within five minutes during a single trade of 100 shares on BATS, shares in Apple (NYSE: APPL) dropped by 9.4 percent from $598.26 to $542.80 at 10:57:36 a.m. EDT, according to FactSet research data. Just before the drop, BATS sent a notice that it was checking into system issues for companies with tickers ranging from A to BF, which included both Apple and BATS.

Trades were stopped on a single-stock circuit breaker before resuming Apple trading at 11:01 a.m. on Friday. It is unclear whether the glitch was caused by high-frequency or flash trading.

Shares of Apple, the most valuable stock in the world, were not the only ones to suffer from the error. BATS own shares were down 4.7 percent from the IPO price of $16 to $15.25, forcing the global market to halt trading in its own shares Friday.

Please be advised that BATS Exchange will not be opening the symbol BATS today, a statement from BATS read. All executions in the opening auction will be cancelled. Electronic notice will be sent to affected parties.