Ok, but you can tender only 99 shares and keep the oddlot priority. So if you’ve already submitted 100, then you may want to change it to 99 ASAP.
Jim
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Well, that was typo. I bought only 98. I am good. I used the initial conversion to short 700. Hence I covered based on the final ratio.
BTW, thanks for bringing this. Appreciate it.
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It was the best of times, it was the worst of times…
And both for me.
In the acount (E*Trade) where I was able to borrow (sell short) shares of NEOG, this worked spectacularly. In the other, where I could not (Fidelity), I am down ~$750. I am thinking about holding NEOG, presuming the other short term investors are dumping their shares, adding to the downward pressure.
A good bet it was, so thanks, Jim! But a bet is still a bet.
Vince
Vince–
Literally if I had waited one more day to execute that MMM-NEOG trade, I would have made $2,000, but instead I broke even. The pricing quickly diverged, but locking in the price of NEOG through the short really helped. I’ve done well on split-offs before, so this recent result is unfortunate.
Best,
Jim
for future, I am trying to understand, I have accounts with IBKR, E*Trade, BAC/ML, Schwab. So potentially I could have done 4x trades?
BTW, as I posted upthread for me it worked nicely, quick $1417, for the shorted shares I paid about $12 borrow fee.
No, they count by SSN, so you can do it once per SSN. So you could do yours, a wife, a kid, etc, but when you try to double- or triple-dip, they’ll see it and prorate it.
Jim