By Chris Dieterich
The New York Stock Exchange ruled to let stand all trades in
American Electric Power Co. Inc. (AEP) and NextEra Energy Inc.
(NEE), but said prices for certain "aberrant" trades will be
excluded from the high and low prices in data feeds.
NYSE Euronext (NYX) said in a trader alert at 11:10 a.m. EDT
that it was investigating trades in both utility-sector companies
that took place between 9:30 a.m. and 9:31 a.m. EDT. Each stock
suffered sharp drops in the moments after Thursday's opening bell
before bouncing back.
Shortly after the opening, FactSet data showed American Electric
Power fell by more than 50%, while NetxEra dropped by more than
60%.
American Power's shares fell 1.3% to $47.98 in recent trading,
while NextEra declined 1.3% to $78.14.
NYSE said in an updated alert to traders at 12:16 p.m. EDT that
all trades in American Electric at or below $46.03, and in NextEra
Energy at or below $76.19, will be marked with an "aberrant report
indicator."
FactSet data show that hundreds of trades in both stocks were
priced below those prices.
Those trades are still valid, NYSE said, but "will be excluded
from the high and low data" disseminated by the Consolidated Tape
Association, which oversees the dissemination of real-time trade
and quote information in NYSE-listed securities.
"Data vendors and recipients of such data should similarly
exclude any trades with the Aberrant Report Indicator from the high
and low prices that they calculate for these symbols," the exchange
said.
FactSet data show AEP's lowest stock price at $22.28, or 54%
below Wednesday's closing price. NextEra's low point appears at
$35.40, or 62% lower than Wednesday's closing price.
Write to Chris Dieterich at
christopher.dieterich@dowjones.com
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