5 ms·
Sothey’s[sic]: While the other companies on this list hit zero briefly, Sotheby’s went in the other direction. After opening at $34.61, its shares briefly touc
by Qz 16y ago
Sothey’s[sic]:
While the other companies on this list hit zero briefly, Sotheby’s went in the other direction. After opening at $34.61, its shares briefly touched $100,000 before closing at $33.
What is that about?
- goodside 16y agoFor an overvaluation this high, I can only presume their stock was mistakenly priced with an algorithm meant for their paintings.
- joubert 16y agoChristies' auctioning off of the most expensive painting ever.
- tansey 16y agoThe only conclusion I could draw is that they must have been highly inversely correlated to a company that tanked. A trading algorithm would potentially have a pair trade going where the tanked company's shorted while being long Sotheby's. That, or the whole system broke down in a very weird way.
- nfnaaron 16y agoBit over/underflow? Or Sotheby's was expected to reap a huge windfall due to all the traders and shareholders losing their shirts on $0/share stocks and having to auction off their estates?