Nanex Research

Nanex ~ 23-Jul-2013 ~ The Panera Forecast

On July 23, 2013, about 12 minutes before close, the price of Panera Bread Co (Symbol PNRA, market cap $5.3 Billion) collapsed. But on just a few hundred shares in 4 different exchanges. All from ISO orders (the realm of HFT).

1. PNRA - Showing trades color coded by exchange and NBBO.
Whoops. Not a lot of volume. All ISO orders too (the realm of HFT Robots).

2. PNRA - Showing bids color coded by exchange and NBBO.
Whoops. Not a lot of volume. All ISO orders too (the realm of HFT Robots).

3. PNRA - Zoom of chart 1.

4. PNRA - Zoom of Chart 2.

Nanex Research

Inquiries: pr@nanex.net