WHY THE FUCK IS USO PUMPING PREMARKET

They cut their June futures

I am retarded. Please explain this to me as if I were 10. I had 180 shares. What does this mean?

USO did a reverse stock split last night.

United States Oil Fund, LP (stock symbol: USO) has announced a 1-for-8 reverse stock split in its shares of common stock, effective before market open on Wednesday, April 29, 2020.

Our records show that you own shares of this exchange-traded fund (ETF) in your account, so we want to be sure you have the information you need.

Here's What You'll Need to Know

The 1 for 8 reverse split means that for every eight shares of USO common stock you currently own, you'll receive one share of (new) USO common stock to replace them.

The stock price will be affected by this event: it will increase to eight times what it was at the close of trading on Tuesday, April 28. When the markets open on April 29, your net position in USO will be equal to what it was before the split, plus or minus market movements.

USO will not distribute partial shares. If the number of shares you hold at the time of the split can't be evenly divided by eight, you'll receive a cash payment in lieu of fractional shares.

If you are trading options on USO, an in-the-money option will result in the exercise, or assignment, of 12.5 shares instead of the standard 100 shares.

USO will not be available for trading in Extended Hours Trading Overnight (EXTO) (normally 8 p.m. to 7 a.m. ET) on Tuesday night, April 28, or Wednesday morning, April 29.

You don't have to do anything. This corporate action will happen automatically, and we will adjust your positions once the new shares are received. However, because of the size of this reorganization, there could be delays in adjusting your account before market open on
April 29.

If you have any questions, please reply to this message to write us.

Sincerely,

TD Ameritrade Client Services

TDA 1001900 EM 04/20

Attached: behindyou.jpg (1184x1174, 173.03K)

> he is buying a decaying negative-carrying perma-contango commodities futures based meme etf instead of cheap oil stocks

Haha

Attached: EWuZrCGXkAQ7KC4.jpg (608x446, 50.86K)

you subhumans are ancap free market cocksuckers only when it goes your way, the second you need to be popped in your lip for your retarded gambling you suddenly become a commie fuck

Thanks! so If I had 180 shares, I now have 22 shares? Big ouch.

i love how etfs fuck with everybody long

Yep

tl;dr OP is a fucking idiot and doesn't understand what a reverse split is.

Attached: 1586353404545.png (634x418, 482.8K)

I WENT ALL IN YESTERDAY AT 2.13 AAAAAAAA CANT BELIEVE IT THANK YOU BIZ

Isn't that old news though?

Are you fucking retarded or just pretending. Go the fuck back to funnyjunk or iFunny. I don't even think Reddit would welcome you

8-1 reverse split

for every 8 shares you own, you now own 1 share at 8x the value at last close

Why can't I buy options on this right now?

>you now own 1 share at 8x the value at last close
that's not a guarantee isn't it?
it's literally determined by the first trade after the split

^this

Still no options chains on etrade. I want my fucking puts in now!

Attached: Screen Shot 2020-04-29 at 11.06.52 AM.png (733x124, 32.98K)

Retard

keep dreaming, the bottom came and went

Imagine thinking we’ve hit the bottom for oil already.

what purpose does a "split" serve?