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Nasdaq cancels trades in about 50 securities

Reuters
FILE PHOTO: The Nasdaq logo is displayed at the Nasdaq Market site in New York

NEW YORK (Reuters) - Nasdaq Inc <NDAQ.O> said it cancelled trades that spanned a two-minute period before the opening bell on Wednesday which affected about 50 securities.

The exchange initially said it was investigating "potentially erroneous transactions" that occurred between 9:23 a.m. ET (1323 GMT) and 9:25 a.m. ET (1325 GMT) and included names such as Michaels Companies <MIK.O>, Mercury General Corp <MCY.N> and Mohawk Industries <MHK.N>.

Within the hour, Nasdaq announced that it had determined to cancel all of the trades within the timeframe that were executed at 30% above or below the consolidated closing price.

(Reporting by Chuck Mikolajczak; Editing by Richard Chang)