I was completely surprised today when I opened my Merrill account - TWO had been down $500 since I purchased it in June - 800 shares @10.35 but this morning it was up $4,800!
Message from TWO…On November 1, 2017, the company distributed the 33,071,000 shares of Granite Point common stock it had acquired in connection with the contribution of its commercial real estate portfolio to Granite Point. Following the Stock Dividend, the company also completed its previously announced one-for-two reverse stock split of the outstanding shares of Two Harbors common stock.
I’m shocked! I was holding the stock for the yield (10%+), etc. but had no idea that ‘events’ were pending that would produce this gain.
My question - wouldn’t the ‘market’ have known that something like this was about the happen and pump up the stock price ahead of the events?
I’m sitting thinking that this event is not real, by the way.
Input would be appreciated.