The New York Stock Exchange and the Nasdaq said on Thursday they would cancel erroneous trades in the shares of IT solutions provider CDW Corp, which briefly plunged as much as 96 per cent to $7 in premarket trading.
CDW Corp shares quickly recouped most of their losses and were last up 0.2 per cent at $173.50. Some traders said the plunge was driven by investors mistaking the company's ticker for newly listed asset manager CaliberCos. The S&P 500 component CDW, which is expected to hold its annual shareholder meeting at 11:00 a.m. ET, closed at $173.25 with a market value of $23.35 billion on Wednesday.
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