Attention, those of you who own ITT Educational Services Inc. (ESI): ESI has entered bankruptcy, and has changed its ticker symbol to ESINQ. This will likely leave the stock price with little or no value in the future. At this time we recommend selling the shares on next Trade Day and recognizing the loss in the Snider Investment Method®.
We recommend these steps to close the ESINQ position:
• Sell all your ESINQ shares.
• Record the information about the sale on your Individual Stock Purchase Record.
• Complete the “Profit from Closed Position” portion of the Individual Stock Purchase Record. In this case ‘Profit’ will be negative.
• Record the loss on the Monthly Stake Worksheet.
• Remove ESINQ from your Allocated Cash Worksheet.
Lattco PRO clients: The calculations and adjustments will automatically be done the moment you sell your shares of ESINQ and update activity.
AutoPilot clients: The calculations and adjustments will automatically be done the moment you sell your shares of ESINQ and update activity. At this time, the sell trade ticket is not built into AutoPilot. You will need to log in to TradeKing in order to sell your remaining shares.
Bankruptcy is a risk of the Snider Method. Although, we attempt to avoid financially unstable companies through our screening process, the screens are not foolproof. We understand your concern and frustration about this situation.
If you have any questions, please don’t hesitate to contact us at firstname.lastname@example.org or 1-888-6-SNIDER. We’ll be happy to walk you through the process.