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It appears that "fake news" has finally made it to the news wires.
Shortly after the market open, Dow Jones blasted a story that "in a surprise to everyone who is alive" Google was buying Apple for $9 billion. It said that Google CEO Larry Page had "secret talks with the now-deceased Steve Jobs in 2010 to firm up the deal" which was announced when Jobs’ will was read in Cupertino. As a result, each Google shareholder would get 9 shares of Apple stocks, and the report added that "obviously Google will move into Apple’s fancy shareholders. Google employees said, "Yay."
The release was accompanied by a flurry of machine-readible headlines on Bloomberg and other news services:
Well, apparently the algos ignored the ridiculous details and the laughable purchase price and promptly sent the price of Apple surging to $158, if only for a few seconds…
We can only imagine the avalanche of furious phone calls into Dow JOnes, because moments ago a Dow Jones spokesman announced to "Please disregard the headlines that ran on Dow Jones Newswires between 9:34 a.m. ET and 9:36 a.m. ET." He said that "due to a technical error, the headlines were published. All of those headlines are being removed from the wires. We apologize for the error."
Of course, by the time it was retracted, the initial momentum had pushed the world’s most valuable stock higher, and dragged the Nasdaq higher with it.
That said, it begs the question: how could such a glaring, and hugely market moving error have made it to the production platform, where it impacted thousands of headline scanning algos.
Finally, was this "fake news" also Vladimir Putin’s fault?
from Zero Hedge http://bit.ly/2i27JjG