Glitch That Caused Warren Buffett's Berkshire Hathaway Shares To Drop 99.7% Fixed Says NYSE, But Some Aren't Buying The Explanation: 'Doesn't Make Any Sense'

In a recent development, the Intercontinental Exchange Inc ICE-owned New York Stock Exchange has resolved the technical issue that caused a halt in trading for several major stocks, including Berkshire Hathaway Inc BRK BRK, leading to a 99.97% drop in stock value.

What Happened: The NYSE announced on Monday that the technical issue, which led to trading halts for several major stocks and a significant drop in Berkshire Hathaway’s stock value, has been resolved, CNN reported. The issue was attributed to a problem with industry-wide price bands, which led to trading halts for up to 40 symbols listed on NYSE Group exchanges. The issue was reportedly caused by a new software release by the Consolidated Tape Association’s (CTA) Security Information Processor (SIP).

Despite the NYSE’s assurance that the issue has been resolved, Joe Saluzzi, co-founder of Themis Trading, expressed skepticism, stating that the explanation provided by the NYSE does not align with the unusual trades that occurred.

"I'm not buying that explanation. That doesn't make any sense to me," said Saluzzi. He pointed out that there was a sudden $185 print and there was “nothing to take it down level by level, which you would expect to see.”

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Why It Matters: The technical issue at the NYSE caused a halt in trading for several major stocks, including Warren Buffett-led Berkshire Hathaway, and led to a 99.97% drop in stock value. The issue was reportedly caused by a problem with industry-wide price bands, which triggered trading halts for up to 40 symbols listed on NYSE Group exchanges.

Following the resolution of the technical issue, the NYSE has reopened trading for the impacted stocks, and all systems are reported to be operational. The issue, which was initially suspected to be a cyberattack, was not caused by any malicious activity, according to Intercontinental Exchange, the parent company of NYSE.

Price Action: On Tuesday, Intercontinental Exchange shares closed 0.2% lower at $133.65 in regular trading and were largely unchanged in the after-hours session.

Image via Shutterstock

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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal