The Washington Post Co. (WPO) became the first U.S. company to have trading of its stock halted by Securities and Exchange Commission circuit breakers enacted following the May 6 market flash crash.
According to data compiled by Bloomberg, Washington Post shares doubled quickly when three erroneous trades pushed the price of the stock to $929.18 from $462.84 at 3:07 p.m. EST. The transactions were later canceled.
The SEC trading curbs, which stop trades in Standard & Poor's 500 Index stocks for five minutes when they rise or fall 10% within five minutes or less, went into effect on June 11.
A spokesman for the New York Stock Exchange said the circuit breakers appeared to have been triggered by an erroneous trade. The Washington Post had no comment.
Biz Brief: Washington Post Stock Is First to Trigger 'Flash Crash' Circuit Breakers