Knight Capital posts 3Q loss on software glitch

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Associated Press

Posted on October 17, 2012 at 5:00 AM

Updated Wednesday, Oct 17 at 5:02 AM

JERSEY CITY, N.J. (AP) — Knight Capital Group Inc. reported a large loss in its third quarter because of a disastrous software glitch that caused it to lose millions.

The glitch, which occurred in August, forced the trading firm to cede control of its operations in exchange for a financial rescue by Wall Street firms.

The Jersey City, N.J., company reported a loss attributable to common shareholders of $764.3 million, or $6.30 per share, for the period ended Sept. 30. That compares with net income of $26.9 million, or 29 cents per share, a year ago.

It said the loss from the software glitch alone was more than $400 million.

Excluding $2.46 per share related to the software glitch and other items, earnings were 1 cent per share.

Analysts forecast 2 cents per share.

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