Investors have had time to know and prepare for a capital raise of sorts from the National Bank of Greece SA (NYSE: NBG). That is almost upon us and this is bringing a negative reaction that we would not try to tie into the Fed-generated market weakness today.
NBG’s ADR trading in New York has been active with almost 11 million shares bringing the stock down almost 6% to $1.34 today. The 52-week trading range is $0.61 to $3.25. Stock options trading has been thin, except in the November 2013 puts at the $1.00 strike price. We have seen 1,670 contracts trade against an open interest of 4,338 contracts.
Reverse splits are rarely considered a good thing. The question is whether or not that is the case in Greece and the lands of the PIIGS in Europe. NBG and others have been undercapitalized and the recovery until recent…
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