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Financial Stocks/market open order


I place a phone  order with my broker to purchase 100 shares FURX on Feb 4/2013, specifying I want to buy at the market open (no price limit).This conversation was very close to the open at 9:30. The broker placed the order and told me (while still on the phone with him)that we bought at $121. the nasdaq open price was $114.6.
When I enquired, I was told by the supervisor that few seconds could have elapsed before the order was electronically executed. (The price truly ran from opening at 114.6 to $121 in few seconds).Yet I specified the order as "at the market open"
Do I have a case?

  Thank you for the question! Unfortunately no, you do not have a case. It sounds like the broker did initiate the trade immediately, and if the trade was executed within a few seconds, that is the best anyone can hope for.  
  There are many institutions and investors looking to trade the open. Changes in price happen quickly, so it sounds to me like you received good service, and it is simply unfortunate that the price moved against you so quickly. I do not think that you have any legal actions that you could take successfully.

Best Regards,

Paul Henneman
ValuEngine Inc

Financial Stocks

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Paul Henneman


Stock forecasting and fair market valuations. I am happy to try to answer any questions for investors trying to manage their funds for the future. I will NOT ANSWER HOME WORK questions from students in finance or economics. Over half the questions I get are from students studying finance, located in India. Having someone on the internet answer your homework questions is not the way to build the knowledge you need for a career. All other questions are welcome and encouraged.


15 years in a leadership role at a Financial research company. Provide research to institutions on a high level such as Wells Fargo advisors, Fidelity, Bank of NY, Scotia Bank, Thomson Reuters, Bloomberg, McGraw Hill, and others.

Florida International University, University of Florida, over 20 years in the business.

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