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Hello Jimmy,
Wednesday, December 1, 2004, 9:39:44 PM, you wrote:
J> Tony,
J> Are you saying they sold half the shares at the post split price
J> which was below or at your stop price? As in had a 100 shares XYZ
J> trading 100 with a stop at 90. Shares started trading at split price
J> and sold 100 shares at 50 or some such price.
I had 100 stocks XYZ with of $100 each. Stop was at $90.
The stops got split.
Now I have 200 stocks XYZ of $50 each with a $90 stop.
Stop breaks instantly and 100 stocks get sold at around $50.
Now I have 100 stocks XYZ left of $50 each.
J> I would be on them right now to find out what you have and what
J> happened. The example above should be you had an order to sell 100 at
J> 90 stop then they changed it to sell 200 at 45 stop when the shares
J> opened up at the post split price. Come back to us with a damage
J> report unless there is no damage.
The price I got was very reasonably price. So no real money lost.
But today the stock rose 2+% so I missed that profit.
It's not only about the money I'm missing but also something I like to
learn for the future.
I'm not a day trader so I must rely on stops.
Suppose that shortly alter the split that 'killed' my stops there is
news about a bookkeeping scandal. Then then I would loose real money.
J> It is the clients responsibility to know about the splits but if they
J> messed up your stop then they are at fault. Now if you entered the
J> stop after the stock split then you had the order wrong but if they
J> messed up the price then they are at fault.
To be honest I didn't know about the split.
But when entering an order always triple check the RT price before I
submit.
I was/am just under the impression that if they split my stocks value
they split everything that's connected to it accordantly.
Thanks for your answers.
J> Jimmy
J> 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,
Tony
Your lucky color has faded.
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