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TIME TO LEARN ABOUT BOTS - CAN REGULAR PEOPLE BUY THEM ETC? (STA BREAKING NEWS and ARCHIVES)

by Theresa @, Sunday, June 11, 2017, 09:30

The Wolf of Wall Tweet

A Web-reading bot made millions on the options market. It also ate this guy’s o
lunch.

on the afternoon of Friday, March 27, as several news outlets reported at the time, somebody apparently made $2.4 million from a tweet. That tweet was a bit of breaking news from Wall Street Journal writer Dana Mattioli:

Dana Mattioli ✔ @DanaMattioli
Intel is in talks to buy Altera. Deal would be largest in Intel's history. Scoop w/ @danacimilluca coming to http://WSJ.com $ALTR
2:32 PM - 27 Mar 2015

The Wall Street Journal & Breaking News, Business, Financial and Economic News, World News and Video

WSJ online coverage of breaking news and current headlines from the US and around the world. Top stories, photos, videos, detailed analysis and in-depth reporting.
wsj.com

Quicker than any human seemingly could have done it, someone—or rather something—bought $110,530 worth of cheap options on Altera, a company that makes digital circuits.* Over the next several minutes and until the end of the day, as humans digested Mattioli’s takeover rumor at human speed, Altera’s stock price rose. When all was said and done, those cheap options had resulted in a $2.4 million profit. Speculation immediately centered on the idea that an automated program (a “bot”) had scanned the tweet, interpreted its meaning, and instantly bought those options based on an algorithm. The robot had read the tweet and made a killing on it before anyone knew what was


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