Trading in Cisco Systems (CSCO) shares was briefly halted in late morning trading Thursday, as the shares soared 10% within a few minutes, triggering the market's cooling-off circuit breakers. The circuit breakers are part of an SEC pilot program launched in June that aims to minimize tsunami-like events such as the flash crash that roiled the markets in May with a nearly 1,000-point plunge, followed by the market largely snapping back within hours.
According to Nasdaq, Cisco shares were halted at 10:41 a.m for a five-minute cooling off period. The NYSE Amex reviewed the Cisco trades in question, which ranged between $23.67 and $26 a share, and determined they will stand. This 9.8% jump occurred within a matter of minutes and volume spiked. According to the SEC, Cisco's trading halt marked the third time the circuit breakers have kicked in for a single stock since the pilot program was put in place.
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