Small Bits of Fast Moving Information Can Have Big Effects
On Monday morning, United Airlines’ stock briefly crashed from $12 to $3, due to a news piece from the Florida Sun-Sentinel that reported United was filing for bankruptcy. The thing was though, that the news was from 2002.
Around 1am on Sunday morning the 2002 story was somehow listed in the “most popular” section of the paper’s website. Google’s news bot then picked up the item as a new story – and finally, someone at Bloomberg summarized the article and uploaded it to the Bloomberg news service (In that persons defense, the story was dated September 7th – there was no trace of the past dateline.)