All hell broke loose this morning on Wall Street when word accidentally slipped out that United Airlines had declared bankruptcy. Apparently Bloomberg and a few other agencies accidentally picked up a story from several years back talking about United’s financial woes, then thinking it was fresh news investors started dumping the stock. At 11:30 this morning, at $0.01 per share, the stock was suspended.
Meanwhile, United spokespeople are wildly trying to refute claims that the company has gone bankrupt and there’s still confusion among investors about what really happened.
Amidst the trading debacle, apparently one member of Flyertalk bought in for 10,000 shares at $0.01 per share. As trading resumed later in the afternoon (currently at $10.92), he’s since made $10.91 per share. I’ll let you do the math on that profit.