Attention, those of you who own Guess? Inc. (GES): GES has agreed to go private in a deal valuing the shares at approximately $16.75. This results in little to no option volume, making it no longer suitable to trade the Snider Investment Method. Because of this situation, you should sell your shares of GES and Transmogrify if necessary.
We’re here to help! Here is a link to the Transmogrification document that will tell you step-by-step what to do.
CoPilot clients: Please use this link to access the transmogrification document for your accounts. Also, if you are taking full advantage of all the recordkeeping services included with CoPilot, please give us a call after you have purchased shares for your new position and before you sell your options; we will need to make some adjustments to your account to properly reflect the transmogrification.
AutoPilot clients: We have introduced a new tool in AutoPilot that will allow you to complete the transmogrification transactions within AutoPilot, without your having to place any trades in TradeStation.
To use the new feature, please follow these steps:
- On the top toolbar in AutoPilot, go to the Help icon; on the dropdown menu, under the Tools subsection on the right, click the link for Transmogrification Tool.
- Select the account that contains GES from the menu provided. You will then be taken to a screen where you see a list of your open positions in the selected account. Scroll to GES in the list and click the red Transmog Process button on the right.
- After you click the button, you will be asked if you have located a new position to transmogrify into; click the button for “No, search instead.” This will take you to the Transmogrification Search screen. All of the pertinent information will be filled into the boxes, including the values for Stock Price Greater Than and Less Than. Click the green Continue button to run the search.
- Make note of the new ticker from the Transmogrification search. Then, click the green button at the bottom, “Back to Transmogrification Tool.” Click on the account name again, locate GES in the list, and click the Transmog Process button. This time, click the purple button for “Yes, I have” when asked if you have a new position.
- AutoPilot will then walk you through the appropriate transactions to complete the Transmogrification. They include placing an order to sell all of your shares of GES and buying the same quantity of shares of the new ticker.
Once you have sold GES and bought the new holding, the Transmogrification Tool will prompt you to notify us. The Transmogrification will not be complete until we adjust your account. After the adjustments, you can return to AutoPilot so that it can suggest the appropriate option orders if available.
If you have any questions, please don’t hesitate to contact us at support@snideradvisors.com or 1-888-6-SNIDER. We’ll be happy to walk you through the process.