SEC Opens Early Inquiry Into UAL Glitch

The Securities and Exchange Commission opened a preliminary inquiry into the circumstances around UAL Corp.'s stock drop, according to people familiar with the matter. The inquiry is in early stages and may not result in a full investigation, one person familiar with the matter said. The SEC is looking at whether there was any improper behavior behind the release Monday of a 2002 Tribune Co. news story about UAL's bankruptcy filing, which was picked up by Google Inc.'s automated news service. After the old story resurfaced, UAL's stock fell from $12.50 to $3 in 15 minutes before trading was halted. The preliminary inquiry comes as the agency has stepped up its efforts to combat the spreading of false rumors across the market.