You may have noticed that United’s stock dropped from $12 to $3 briefly yesterday after an erroneous report that it filed for bankruptcy. If you dumped your stock at $3, you’re out of luck – NASDAQ says that it won’t cancel trades based on faulty info. Oops.
So, how did this happen? Nobody’s quite sure. For some reason, Ft. Lauderdale’s Sun Sentinel had a 2002 story about United’s bankruptcy posted on their website and had the story listed with yesterday’s date. For its part, the Tribune company, which owns the Sun Sentinel, says that the story was automatically highlighted because Google’s crawler highlighted the story out of the archives. Google, as you’ve probably guessed at this point, says that it only highlighted the story because the Sun Sentinel pulled it out of the archives and put it on their site. And round and round.
Long story short: United is not going bankrupt.