May 7, 2010

Accenture (ACN) Drops More Than 99% In A Day!!

One of my stock picks for today is the second-biggest technology consulting company, Accenture (ACN).

Accenture's stock price opened at $41.49 on May 6, 2010 and fell more than 99 percent to a penny ($0.01) around 3pm eastern time (check the red circles on the image). Still, it was able close at $41.09 just down by 4.2%. Imagine if you’re able to buy the stocks at $0.01, after an hour it multiplies by more than 4,000 times!!! Unfortunately, if you were able to buy Accenture at that price and time, it wouldn’t be valid since according to bloomberg, all trades executed below $17.74 have been canceled. Also, according to NYSE, those kinds of declines or transactions may be voided.

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