I thought nintendo was a great buy 1 year ago, so I inquired as to how I could buy a foreign stock through my online brokerage. I guess I bought this "placeholder" ntdoy.pk, and my broker purchases the foreign shares in my place.
I can only notice a single daily price update for ntdoy.pk well after the close of american markets, around 18:00 EST.
My questions are :
1)Is anyone familiar with how a broker typically handles buy/sell transactions of actual nintendo stock for ntdoy.pk ?
2) Since Japan's trading hours start at 5pm the night before, and end around 2Am our time, shouldn't today's price for NTDOY.PK already be settled before I wake up? If so, then why is the price not posted until after the american end-of-day?
3) Will I be affected by JPY/USD rate changes from Jan07 to Jan08, if I got out of my position today?
No Skitz, I wasn't interested in a quick turn and "yes" I feel lucky. It was actually an order to average my IRA position down and I would have been perfectly happy with a $58 fill. I'm still confused as to how it happened but don't want to call the broker to inquire ;-). I thought it may have something to do with it being an ADR so that's why I asked if anyone else had ever had that happen with this ADR. Another little piece of info is that the order was for an "odd lot" so maybe that had something to do with it...
Ok, first of all you really should do this kind of research before you invest.
1. NTDOY is an ADR that trades on the pink slips. 8 shares of ntdoy equals 1 share of 7974:jp. The ADR's trade independently from the 7974's so all your broker has to do is hit sell and the ADR's will sell.
2. The opening price for the ADR's is what the closing price is for the 7974 the night before.
3. Yes exchange rates do effect this stock. At 119y per dollar 53000y (last nights close in japan) would be $445/8= 55.67 per ADR. Right now the yen is at around 107 per dollar. This works out to 495/8=61.87 a share. Is that clear?
What is this? "1. NTDOY is an ADR that trades on the pink slips. 8 shares of ntdoy equals 1 share of 7974:jp. The ADR's trade independently from the 7974's so all your broker has to do is hit sell and the ADR's will sell."