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Computer Error Sends Stocks Soaring

Finisar and other optical stocks skyrocketed this morning, but the reason appears to be computer error
September 02, 2004

Several telecom stocks went nuts this morning, bolstered by nothing in particular, or so it seemed.

Shares of Finisar Corp. (Nasdaq: FNSR) quickly shot up 56 percent to $2.10 while sprinting past its average trading volume of 1.5 million shares.

Meanwhile, Avanex Corp. (Nasdaq: AVNX) and Vitesse Semiconductor Corp. (Nasdaq: VTSS) climbed 20 percent on unusually large volumes, too.

Was it insider trading? Merger talks? Elvis/UFO manipulation?

The truth is out there, but it's less exciting than an X-Files episode. The online news service Briefing.com tracked the share surges to a computerized trading glitch at one large (and unnamed) firm. An early morning glitch in a software program that tracks the Russell 2000 Index of small-cap stocks touched off some frenzied buying.

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