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CSX Errors

242 messages,  Last post on Nov 03, 2008 at 6:55 AM

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#16 of 242
Re: Is this an error [british_rover] by b_obama
Feb 28, 2008 (12:40 pm)
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Replying to: british_rover (Feb 28, 2008 12:35 pm)

British,
 
In this market, shorts are covered up front. Most of the stocks are capped at $100 (except for the Carola) so your cost basis for a short sale is the exact opposite of a buy. If the price is $80 and you short, you'll pay $20/share since 100 - 80 = 20.
 
Since the prices are capped, they can cover the short sales up front since they know the maximum amount of money that you can lose. Otherwise, you'd have people borrowing money and winding up with negative cash balances if they weren't careful.
 
Make sense?
#17 of 242
Selling errors should be resolved by mikedrud
Feb 28, 2008 (12:41 pm)
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All,
 
Our developers looked into the Selling errors participants were experiencing earlier, and it looks like we've resolved the problem. Please re-enter the game and attempt your sells now and your transactions should process as anticipated.
 
Thanks for your patience,
 
Mike
CSX Game Supervisor
#18 of 242
Re: Is this an error [british_rover] by xed
Feb 28, 2008 (12:42 pm)
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Replying to: british_rover (Feb 28, 2008 12:35 pm)

In keeping with your e*trade example, let's say you short a share of a stock at $100 with a real broker. Then, contrary to your expectation, that stock rises to $120/share. Suddely, in real life, you owe your broker $20, just as your broker would owe you $20 if it had fallen, not risen, by $20. I think the CSX game is taking care of this "covering" for you because the inverse of the price, out of $100, is the maximum amount of money you could lose. For instance, if you short 2 shares of a stock currently at $80, and it rises to $100, $20 (which you paid) is the maximum loss per share, and suddenly your two shares, purchased for $20 each, are worth $0. Make sense?
#19 of 242
Short Cover Error by cheapskate77
Feb 28, 2008 (12:55 pm)
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I shorted 370 shares of CRLA for an initial price of $596.65 and Covered all 370 shares at a final price of $495.27. This should have been a gain of $37510 but it is showing as a loss in my portfolio. Isn't this an error?
 
Please keep me updated if this is resolved.
 
Thanks.
#20 of 242
Re: Short Cover Error [cheapskate77] by mikedrud
Feb 28, 2008 (1:26 pm)
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Replying to: cheapskate77 (Feb 28, 2008 12:55 pm)

What is the price:
 
1. In your "My Stocks" list
2. In your "Transactions" list
 
of CRLA when you shorted it. I'm just confirming all information as I look further into this issue.
 
Thanks,
 
Mike
CSX Game Supervisor
#21 of 242
Re: Short Cover Error [mikedrud] by cheapskate77
Feb 28, 2008 (1:29 pm)
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Replying to: mikedrud (Feb 28, 2008 1:26 pm)

Price when Shorted:
 
(370) $596.65 $220,760.00 02/28/2008 Short
 
Price when sold/covered:
 
370 $495.27 $183,250.00 02/28/2008 Cover
 
I just copied that out of my transaction list to include all information. Sorry the headings are missing, but you know what those are
#22 of 242
Error saying I have 0.3 share. by v12lambo
Feb 28, 2008 (1:35 pm)
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My Portfolio says I have 0.3 of a share of CRLA and has a loss of $201,465.57, and since I cannot sell a fraction of a share I cannot get rid of it.
#23 of 242
Re: Short Cover Error [cheapskate77] by xed
Feb 28, 2008 (1:42 pm)
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Replying to: cheapskate77 (Feb 28, 2008 1:29 pm)

Because your initial transaction was a short, you paid the inverse of the stock's current price. This means, based on the info you've posted, that the current price of the CRLA was $403.35, and thus you paid $596.65 for 370 shorted shares. Then, when you went to sell/cover, you paid $495.27 (the stock's new inverse), which means that the stock's price had moved to $504.73--the stock's price had moved up after you placed your short, so it stands to reason that you lost money.
 
Please check my explanation of shorts elsewhere on this board to see if that helps shed any light on things.
#24 of 242
Re: Short Cover Error [xed] by xed
Feb 28, 2008 (1:50 pm)
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Replying to: xed (Feb 28, 2008 1:42 pm)

One thing I should add to this is that it looks like the Corolla is trading on a $0-$1000 scale, and the other stocks are trading on a $0-$100 scale. This means that 1) there's no point in bidding a stock at $98 up much further, as it really has nowhere to go (unless its' the Corolla) and 2) that high-end number ($100 or $1000) is the number that you subtract a stock's current price from to get its shorting inverse.
#25 of 242
Re: Short Cover Error [xed] by mikedrud
Feb 28, 2008 (1:54 pm)
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Replying to: xed (Feb 28, 2008 1:50 pm)

That formulation works for today's market, but as prices continue to fluctuate based on activity, auto news, unit sales info on vehicles (the basis of IPO prices), etc. we might see a slide in the valuation of many stocks.
 
The Corolla is one of the best-selling, most popular cars in the marketplace, so it zoomed into the stratosphere as soon as we opened the market. It may not remain in the 0 - 1,000 price range, though.
 
Mike
CSX Game Supervisor

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