This article examines whether program trading should be classified as a type of noise trading or as a type of information trading. If levels of program trading increase the likelihood that a price reversal will occur, we can conclude that program trading is a type of noise trading. On the other hand, if program trading is unrelated to the likelihood of encountering a price reversal, then program trading should be categorized as information trading. I examine a 34-month period of daily program trading activity and stock prices and use a logit specification to consider the proposition that trading activity changes the probability of stock price reversals. The results do not support the claim that program trading causes stock price overreactions.