Golden sunsets
Thinks s/he gets paid by the post
- Joined
- Jun 3, 2013
- Messages
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Well dang, if that isn't annoying.
So 4 of us on this board had bids in higher than 50. I wonder how many bids were in on that stock when the trade occurred.
At the close of market yesterday, my Level 2 screen showed 5 bids, ranging from low of $51 to high of $52.20.
It was definitely a direct broker-to-broker transaction, bypassing every single retail bid.
Makes me upset that they can simply break the rules of trading with such impunity.
Coolius, the odd thing about it, is the small transaction. You and I have both seen 10k-50k block transactions occur in these illiquid types bypassing retail. But a 300 share block sold on purpose at an intentional loss? The good thing is for people owning it,who worry about net worth, next transaction will occur in its normal range that is certain. In fact it will be higher than the previous transaction.
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There are only 198,000 shares of this series issued. That's a very small amount, only $9.9 Million face value.
I don't think they will call this issue by itself, as calling costs would be high versus amount redeemed. Likely they will be called along with others, should that happen.
In any case, we are assured $51.44 as redemption value, so we will definitely not receive less than that on a call.
No worries, maybe that trade was trying to shake out some Nervous Nellies - if so, it did not work. I am keeping my 200 share bid at $52.
At the close of market yesterday, my Level 2 screen showed 5 bids, ranging from low of $51 to high of $52.20.
It was definitely a direct broker-to-broker transaction, bypassing every single retail bid.
Makes me upset that they can simply break the rules of trading with such impunity.
When I saw the price drop to $50, I edited the bid I had in from 51.65 to 50.00 so that should have shown on your screen but did not. I wonder why. I think it's unusual that 4 out of the 5 bids were from people who post on this forum.
My other thought is I wonder who the seller was who only got $50. It seems like the broker was not doing that client any favors.
When I saw the price drop to $50, I edited the bid I had in from 51.65 to 50.00 so that should have shown on your screen but did not. I wonder why. I think it's unusual that 4 out of the 5 bids were from people who post on this forum.
My other thought is I wonder who the seller was who only got $50. It seems like the broker was not doing that client any favors.
Perhaps it was a IRA to Roth conversion, or spouse to spouse/child move.
Earlier this week I moved some losing positions from my IRA to my Roth, and my cost basis in the Roth was adjusted to the new lower position. Not sure of the dollar amount converted now.
Perhaps it was a IRA to Roth conversion, or spouse to spouse/child move.
You have been holding your cards close to the vest lately, Winemaker. Any new issues you have looked at lately?
....Have several accounts at the same broker. I crunched some numbers to find the "optimal" account to have each position in, based on dividend yield, current/future tax rates, foreign tax credit, etc.
Since many of them were relatively illiquid, with generous spreads on bid/ask, I posted a mid-price bid in one account, and then immediately placed an offsetting ask at the same price in the other account. The trade crossed.
A day later, I get an e-mail from the broker. Apparently, that's considered illegal, and grounds for banning your account. While my intentions were noble, its illegal to prevent people from crossing trades at various prices for various reasons.....
I probably made my last trade of the year as my cash is about dry until I get an infusion next month. Bought 200 more shares of MNR-A at $25.42. Have 400 shares now. A relatively huge position for me that isnt a utility preferred. My only non ute that is bigger than this is my CHSCL issue.
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Why Monmouth REIT?
I just confirmed 100 @ 25.42 MNR-A (that's all they freed up, still waiting on more)....
Does anyone have an opinion on AFSI/A or AFSI/D? I've owned the common stock for a while. AFSIpA is 23.97 with a dividend rate of 7.04. AFSIpD is25.29 with a dividend of 7.42%.
Does anyone have an opinion on AFSI/A or AFSI/D? I've owned the common stock for a while. AFSIpA is 23.97 with a dividend rate of 7.04. AFSIpD is25.29 with a dividend of 7.42%.
Thanks, anyway. The common stock showed up on a screen I did some time ago and has done well for me. I have a few of the preferred utilities already mentioned in this thread. I was intrigued by AFSIpA because it is below par with an interest rate above 7 and decent volume. I have an order in at a limit price that may be too low to exercise, but since the record date is March 1 for the next dividend, I'll be patient.