- When was the last time you saw Nortel Networks Ltd. 's share price shoot up by 870 percent?
- When was the last time you saw any company's share price shoot up by 870 percent?
Never, we reckon. But that's what has happened today: Nortel's stock is up $18.75, or 872 percent, to $20.90.
What's going on? A 10-for-1 reverse stock split is the answer. As of today, the vendor's investors have one consolidated Nortel share for each 10 pre-consolidated shares they held yesterday. (See Nortel Implements Split .)
Without that consolidation, Nortel's share price would currently be $2.09, down 6 cents from yesterday's closing price of $2.15, which sounds more like the Nortel we know and love.
— Ray Le Maistre, Stock Hike Editor, Light Reading