E-TRADE *Mistake*?? (GE stock)

[MichealKnight]

Well I'm mildly alarmed and hoping this will be resolved somewhat automatically.

I've had some GE shares for under a year. So get this:

it shows I own 162 shares, at a COST BASIS of....$96.92

Currently the shares are $12.95....so it's showing me with a loss of $13,603.

It was not like this on Friday night for sure.

Weird I Google GE stock and some weird "BDR" quote comes up. Then on Yahoo, it's totally normal

GE hasn't been at 96 probably since I was watching late-night cable TV as a teenager and trying to make sense of those squiggly lines.

Anyone ever see this?

 

[MissMolly]

This is being discussed in another thread

https://www.early-retirement.org/forums/f44/ge-to-open-over-100-a-share-tomorrow-110288.html#post2642913

 

[MichealKnight]

Ok, Barrons story

https://www.barrons.com/articles/ge-stock-price-51627766341

"How GE Boosted Its Share Price by 700%"

"GE stock (ticker: GE) will open for trading Monday at about $104 a share, after closing Friday at $12.95. The company completed its 1-for-8 reverse stock split Friday evening."

Ok, so the cost-basis is all jacked up high, but the "Lat Price" field is still showing $12.95. So hopefully tomorrow morning that means the "current value" will be $104.00.

Weird - I do more than a cursory search on Barron's most days. I watch CNBC quite a bit....and I'm ashamed I didn't know about this.

 

[pb4uski]

You ended Friday with 162 shares @ $12.95 worth $2,097.90 and beginning Monday will own 20.25 shares @ $103.60 worth $2,097.90 (assuming no change from Friday closing price to Monday opening price).

Your cost basis and your unrealized loss are unchanged.

 

[MichaelB]

Multiple threads on the same topic. To avoid confusion let’s close this and continue with the other, linked by MissMolly.