Nasdaq cancels some Kraft stock trades

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Associated Press

Posted on October 3, 2012 at 11:01 AM

Updated Wednesday, Oct 3 at 11:02 AM

The Nasdaq is cancelling some trades of Kraft Foods Group Inc. following an unusual spike after the market opened.

Kraft's shares opened at $45.55 Wednesday before surging to $58.54. The exchange says it is looking into "potentially erroneous transactions" and will cancel all trades above $47.82 that happened during a one-minute window at 9:30 A.M. EDT.

The issue comes only days after Kraft Foods and former Kraft snack business Mondelez International began trading as two separate companies.

There have been several high-profile trading glitches recently with the increasingly complicated electronic systems that run stock trading. Those systems have shown signs of strain as more traders and big investment firms use powerful computers to execute trades in fractions of a second.

Kraft's shares increased 2.6 percent to $46.62 by midday.

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