What really happened today? As the news goes, apparently RR Donnelly relased Google’s 8K (earnings release) at 12:30 PM EST instead of the expected time of 4:30PM EST “without authorization“. Among key highlights of the unfinished release, financials that were lower than the market expectations and a blank space for the CEO Larry Page’s comments!
How did the market react. As the numbers were lower than expected, the market didnt favor the stock. After the unexpected release, the trading in the shares of Google was halted for nearly two and a half hours. The stock ended lower by almost 9%.
RR Donnelly also took the hit, their stocks went down ~7% before it recovered a bit.
What actually happened, who was truly at fault, we may never know. But one thing is for sure technology is helpful but when not used properly can definitely come back and bite you.
