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I woke up to a notice that my stock portfolio has increased by 1,745.7%...

Soapbox Killer

Soapbox Killer

Member
Oct 28, 2017
27,119
One Thousand Seven Hundred Forty Five point Seven Percent!



Oh shit bitches, I'm rich, I'm wealthy, I'm comfortably well off!! For 5 quick seconds I was on the other side of the tracks even though I knew that was no way my portfolio could jump that much in a day in a legit fashion. Turns out Rite Aid reverse split their stock today (20:1) and I forgot about it.


I'm still poor.
 
Acorn

Acorn

Member
Oct 25, 2017
10,972
Scotland
latest
 
OP
OP
Soapbox Killer

Soapbox Killer

Member
Oct 28, 2017
27,119
MrNewVegas said:
Better get those getaway driver speeds up maino
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Im working on it. Not going so well. Fast turns are scary

Transistor said:
You can pull out some stock to sell for the next time you rack up all those parking tickets
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Had one on the car last week, "Just when I thought I was out...."


Walter White Walker said:
Stop gambling on individual stocks. It's not investing, it's pure speculation.
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Dude. After 30 plus years, I finally understood the ending of Trading Places last month. Now you want me to give up on gambling right when im getting good at it. Ok , not good or even fair but still.
 
Slayven

Slayven

Never read a comic in his life
Moderator
Oct 25, 2017
93,085
Soapbox Killer Returns said:
One Thousand Seven Hundred Forty Five point Seven Percent!



Oh shit bitches, I'm rich, I'm wealthy, I'm comfortably well off!! For 5 quick seconds I was on the other side of the tracks even though I knew that was no way my portfolio could jump that much in a day in a legit fashion. Turns out Rite Aid reverse split their stock today (20:1) and I forgot about it.


I'm still poor.
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Rite Aid? All the Rite Aids around here either turned into CVSes or got taken out by a Wallgreens across the street
 

PieOMy

Member
Nov 15, 2018
617
Boston
I was looking at rite aid a few weeks ago it was so low I figured they'd do something to turn it around and it fell off my radar. Would have been cool if I sank even just $200 into it
 

Deleted member 2171

User requested account closure
Banned
Oct 25, 2017
3,731
iirc Walgreens wanted to buy out Rite Aid completely but the government said it'd be a monopoly so whatever is left of Rite Aid is whatever Walgreens wasn't allowed to own
 

Deleted member 33887

User requested account closure
Banned
Nov 20, 2017
2,109
JacquelineJones said:
I was looking at rite aid a few weeks ago it was so low I figured they'd do something to turn it around and it fell off my radar. Would have been cool if I sank even just $200 into it
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It was a reverse split- that's not a good thing for people who already own shares. Given it was a 20:1 reverse split, if you invested $200 you would go from having 289 shares to 14.5 shares. The 14.5 shares are now trading at $9.88, so your $200 is would now be worth $143 dollars. And that's not even accounting for potential brokerage fees due to the mandatory action (which could run close to $40). Reverse splits are done by companies who are well on their way to bankruptcy, aka HMNY.
 
OP
OP
Soapbox Killer

Soapbox Killer

Member
Oct 28, 2017
27,119
zer0das said:
It was a reverse split- that's not a good thing for people who already own shares. Given it was a 20:1 reverse split, if you invested $200 you would go from having 289 shares to 14.5 shares. The 14.5 shares are now trading at $9.88, so your $200 is would now be worth $143 dollars. And that's not even accounting for potential brokerage fees due to the mandatory action (which could run close to $40). Reverse splits are done by companies who are well on their way to bankruptcy, aka HMNY.
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The shares I own are worth the same amount of total capital as they did previous to the 20:1 split, I just have less shares. The price is actually higher as of this moment than it was when trading opened. I'm not saying it is a good investment now but I have not loss any money due to the reverse split. Also, no fees since I trade on Robin Hood.
 

Books

Alt account
Banned
Feb 4, 2019
2,180
Just checked my account. My Rite Aid shares are gone. I bought a few shares at .69 last month.
 

Deleted member 33887

User requested account closure
Banned
Nov 20, 2017
2,109
Soapbox Killer Returns said:
The shares I own are worth the same amount of total capital as they did previous to the 20:1 split, I just have less shares. The price is actually higher as of this moment than it was when trading opened. I'm not saying it is a good investment now but I have not loss any money due to the reverse split. Also, no fees since I trade on Robin Hood.
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I'm not addressing whether you have lost money on the split. I'm talking about if someone invested money right before they announced the split. They were trading at 69 cents a share at that point. And yeah, it looks slightly better now because the price of shares continued to rise throughout the day. It's probably going to be transient though, so the whole "oh, I wish I invested money into Rite Aid because of a reverse split" isn't really the best logic.

Unless the person investing expects them to turn it around and change their fundamental balance sheet, but that's not really the impression I got from the post.
 
GK86

GK86

Member
Oct 25, 2017
18,762
Congrats, OP! I'm still waiting on my 3000 shares of Moviepass to make me some sweet money.
 
OP
OP
Soapbox Killer

Soapbox Killer

Member
Oct 28, 2017
27,119
zer0das said:
I'm not addressing whether you have lost money on the split. I'm talking about if someone invested money right before they announced the split. They were trading at 69 cents a share at that point. And yeah, it looks slightly better now because the price of shares continued to rise throughout the day. It's probably going to be transient though, so the whole "oh, I wish I invested money into Rite Aid because of a reverse split" isn't really the best logic.

Unless the person investing expects them to turn it around and change their fundamental balance sheet, but that's not really the impression I got from the post.
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Got you. It's a short term gain I would say at best. Up almost 2 dollars a share today but that I do assume is just the "dust settling"
 

Deleted member 36543

User requested account closure
Banned
Dec 20, 2017
1,355
LOL you didn't experience cryptocurrency then. I woke up one day richer than Jeff Bezos. I had 600 billion worth of Cryto for 10 minutes.
 
bionic77

bionic77

Member
Oct 25, 2017
30,888
Walter White Walker said:
Stop gambling on individual stocks. It's not investing, it's pure speculation.
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In general you are right, but if you get it right the gains can be really worthwhile.

I invested in Apple in like 2006 and got my sisters to do the same. That turned out to be a heck of an investment. I actually made the least because I sold it first, but one of my sisters was able to pay off most of her house from that investment.

And OP you will get there one day. And when you do make to remind us all how much better you are than the rest of us because of you new found wealth.
 
Conkerkid11

Conkerkid11

Avenger
Oct 25, 2017
13,957
zer0das said:
It was a reverse split- that's not a good thing for people who already own shares. Given it was a 20:1 reverse split, if you invested $200 you would go from having 289 shares to 14.5 shares. The 14.5 shares are now trading at $9.88, so your $200 is would now be worth $143 dollars. And that's not even accounting for potential brokerage fees due to the mandatory action (which could run close to $40). Reverse splits are done by companies who are well on their way to bankruptcy, aka HMNY.
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Thanks for explaining this.
 
low-G

low-G

Member
Oct 25, 2017
8,144
Anyone mention Tony Danza yet?

This happened in an episode of Who's the Boss
 

PieOMy

Member
Nov 15, 2018
617
Boston
zer0das said:
It was a reverse split- that's not a good thing for people who already own shares. Given it was a 20:1 reverse split, if you invested $200 you would go from having 289 shares to 14.5 shares. The 14.5 shares are now trading at $9.88, so your $200 is would now be worth $143 dollars. And that's not even accounting for potential brokerage fees due to the mandatory action (which could run close to $40). Reverse splits are done by companies who are well on their way to bankruptcy, aka HMNY.
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Fuck, thanks for the explanation. I got a pay raise and just started gambling on stocks this month so I have no idea. I'm on Robinhood like OP though I wouldn't have lost anything. I'll be sure to stick to the things I know lol.
 

Books

Alt account
Banned
Feb 4, 2019
2,180
Turns out I didn't own enough stock for them to give me their "new" revised stock, so they're just refunding me my money.
 
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