There is not much information on this item but this seems to be a discrepancy and not a crash. A discrepancy due to spinoff when the media and their charting systems were not yet able to adjust the price for the spinoff.
So we need to wait a day or two to see what happens next. If the charts get adjusted (in a similar manner to a stock split) then this was a truly remarkable day for the AT&T stock. If the charts remain the same, then the old investors will get busted hard.
Nevertheless, I am happy that I got rid of this stock when it was trading at $30 a share.
But on the other hand, if this stock is truly trading at $19.63 a share, down from $23 a share, then the stock is down to its 20-year low and that could be a great opportunity to buy in:
But, we need to wait for the brokers and chart services to update the data before we jump in.
Why do I think that this is just a discrepancy? It is because I still hold short strangles against AT&T and these were not adjusted. In fact, I cannot even adjust my positions as the options chains are not available. So we need to wait.
This post first appeared on Investing Into Stocks - Hello Suckers!, please read the originial post: here
