3

I had contracts of GE1210115C17 that I went to check on this morning. The option is gone with the following entries in my bank activity log:

02/26/2019  XXXXXXXJJ   DISTRIBUTION - Details (Opens Pop-up Layer)     (Negative XX.000)   $0.0000     $0.00

02/26/2019  GE1210115C17    DISTRIBUTION - Details (Opens Pop-up Layer)     XX.000  $0.0000     $0.00

If I click 'details' the only interesting information is that the transaction is "corporate action". All values are set to 0.

What happened?

  • Maybe ask your broker? – quid Feb 26 at 18:29
6

GE's Merger with Wabtec (WAB) was completed, which means that the 100 shares you have an option on now include a cash component, and are "non-standard". It's possible that your broker sold (closed) these options for you since they'll be harder to sell in the open market, but it's hard to tell from what you've given. Based on the identifier, you seem to have $17 calls, which would be mostly worthless since the GE stock is at about $10 per share and the cash for the WAB stock amounts to only about $40 (or 0.40 per GE share since the option contract is for 100 GE shares).

From the OCC announcement:

NEW DELIVERABLE PER CONTRACT:

  1. 100 General Electric Company (GE) Common Shares
  2. Cash in lieu of approximately 0.5403 fractional WAB shares
4

A corporate event has resulted in the adjustment of some GE options today.

I can't provide the link because since I am registered with the OCC, the link page includes my name. If you google " GE component of the GE1/1GE1/2GE1 ", it will bring up a link to the OCC memo.

If you own one of the adjusted symbols, your previous position will be gone and it will have been replaced by a new symbol.

The best thing to do is to contact your broker.

  • 3
    What??? You mean your names is not Bob Baerker??? – AbraCadaver Feb 26 at 21:56
  • 1
    The CBOE put me in the witness protection program. I'm allowed to assist people with option questions but my name has been changed to protect the innocent :->) – Bob Baerker Feb 26 at 22:46

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