Mini Flash Crash in Progress Energy Shares

pgn chart 0 Mini Flash Crash in Progress Energy SharesWe have another mini flash crash today. This time the unusual trading activity takes place in shares of Progress Energy (PGN), which today plummeted to a low of $4.57 and are now trading in the $44.50 range.

Today’s mini crash follows a similar event in shares of Nucor that happened two weeks ago. It also follows a new report from stock-information provider Nanex that says the events that precipitated the May 6 flash crash, during which the Dow Jones Industrial Average lost some 700 points in 15 minutes, may have been the inadvertent byproduct of market-manipulating high-frequency trading.

Update: According to Fortune’s Street Sweep, “The New York Stock Exchange, where Progress shares are listed, said the troublesome trade took place on the Nasdaq. A Nasdaq spokewoman said she will have a statement momentarily.” Fortune is also reporting that the stock stopped trading for five minutes because of circuit-breaker rules put in place after the May 6 crash.

Seagate Technologies and Intel have also triggered SEC circuit breakers in the past month.

Related: 10 Mini Flash Crash Stocks

mtaylor@observer.com

Twitter: @mbrookstaylor

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