Embattled for-profit college operator Corinthian Colleges Inc. — the company behind the Everest, WyoTech, and Heald College chains — is set to be delisted from the Nasdaq stock exchange Tuesday after it failed to meet a deadline to file quarterly earnings reports.
How many acronyms can you fit in one sentence? Please see the above headline, which pertains to a settlement reached by the Securities and Exchange Commission (SEC) that will see the NASDAQ (National Association of Securities Dealers Automated Quotations — the more you know!) paying out $10 million for bungling Facebook’s IPO, or Initial Public Offering last year. Whew, try saying that sentence three times fast. Or even once. [More]
Markets held onto a rally Monday, spurred by news of continuing manufacturing sector growth. The Dow gained .98% in mid-morning trading, the S&P 1.24% and the Nasdaq 1.7%. But don’t start firing up your Scottrades and Etrades just yet unless you’ve got a fifth of Pepto in your desk drawer. 2011 is looking to be just as rocky as ever.
The AP says that a computerized selloff that may have been caused by a typo (the theory is that someone typed $16 billion when they meant $16 million) caused the biggest ever drop during a trading day. How could one typo result in such massive turmoil? The idea is that the erroneous trade triggered other computers to sell.