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What do symbols ending in "WI" indicate?

My fundamental algorithms sometimes buy stocks like MRO_WI or COP_WI What are these? Are they some kind of special class of share and is there a way to avoid them? I already filter by is_primary_share...


3 responses

Hey Dan

That ending stands for a stock that is trading When Issued. For nasdeq stocks trading When Issued they have a V as their 5th letter in their name. You get when issued stock during a spinoff or sometimes during a merger

Thanks! I assume it's generally a bad idea to invest in a company that has shares trading "When Issued"? Or at least it's a bad idea to trade in the shares that are specifically marked as such? Maybe the post-bankruptcy company with a normal ticker could be OK. Does that make sense?

I really hate the idea of good and bad when it's about things to play with. I prefer knowledgeable of or ignorant of. Think about fire and water, both useful, both deadly. Anyways, I pontificate, when issued shares are special. They require a bit more structural knowledge and they disappear quickly. After being when issued they become issued. For example, Chipotle Mexican Grill traded when issued when it was spun off from Micky D's. There was an embedded stub trade, a three way arbitrage and a cap structure trade all generated from that spin off and when issued. All really profitable.