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Tony,
Are you saying they sold half the shares at the post split price
which was below or at your stop price? As in had a 100 shares XYZ
trading 100 with a stop at 90. Shares started trading at split price
and sold 100 shares at 50 or some such price.
I would be on them right now to find out what you have and what
happened. The example above should be you had an order to sell 100 at
90 stop then they changed it to sell 200 at 45 stop when the shares
opened up at the post split price. Come back to us with a damage
report unless there is no damage.
It is the clients responsibility to know about the splits but if they
messed up your stop then they are at fault. Now if you entered the
stop after the stock split then you had the order wrong but if they
messed up the price then they are at fault.
Jimmy
Wednesday, December 1, 2004, 2:17:57 PM, you wrote:
T> Hello Jimmy,
T> Wednesday, December 1, 2004, 7:35:18 PM, you wrote:
T> I'm not sure I fully understand what you mean....
J>> Tony,
J>> You need to check with the broker.
T> I will do that for sure.
T> I just was looking for some info to have a 'stronger case'
J>> If you were stopped out the order might be on the pre split
T> You mean I was stopped out before the split?
T> No because the execution price is an after split price.
T> Even when I double that price it's well above the stop.
J>> so you sold with a due bill. You sell again
J>> and you may find yourself short.
T> I'm still long. But with half the value
T> If I add up the sold value and open value no money is lost.
T> It's just that miss out on todays gains.
J>> Just because a stock starts trading
J>> at the split price doesn't mean the shares are in your account post
J>> split.
T> I don't understand that.
T> Splits are forced upon us/me; so how can I have none split prices on
T> my account?
T> I never had this at hand before but always assumed that with a split
T> everything was recalculated. Price/number of stocks/stops/targets/etc
T> If not I would have be forced to either close my position or cancel my
T> stops.
T> I come home when the markets are open for a few hours. So not having a
T> stop isn't very wise.
J>> Jimmy
J>> Wednesday, December 1, 2004, 12:29:37 PM, you wrote:
T>>> Hello Tony,
T>>> Wednesday, December 1, 2004, 5:25:36 PM, you wrote:
T>>>> Hello omega-list,
T>>>> Yesterday I had some SYMC stocks with a stoploss set.
T>>>> Today the stock has split.
T>>>> The price halved and the number doubled.
T>>>> All fine so far.
T>>>> But the stop was not halved.
T>>>> So the stop was hit and half my position sold.
T>>>> Are things supposed to work that way?
T>>> I want to add that the stops where sent to my broker (IB) before
T>>> market close and not held on my PC.
T>>> And that happens on a day SYMC makes a nice move :)
--
Best regards,
Jimmy mailto:jhsnowden@xxxxxxxxxxxxx
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