Allstocks.com's Bulletin Board: Has anyone here CANCELLED a stock before?

This is topic Has anyone here CANCELLED a stock before? in forum General Investing Topics at Allstocks.com's Bulletin Board.

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Posted by Phoenix on :

Has anyone actually CANCELLED a stock before? I dont mean CANCEL AN ORDER, I mean actually CANCELLING it.

In other words, lets say I have 1 share of stock XYZ that's not worth it for me to sell, since my commission would be higher than what I get back. Scottrade is trying to tell me I can only SELL the stock, not cancel it.

I coulda sworn I heard somewhere that stocks could be cancelled. Seems pretty stupid to me that I have to spend money just to get rid of bits of stock left over from typos in orders, or to get rid of restricted stock that's completely useless.

Maybe I should just close the account since that's what I'm probably going to do anyway.

-Phoenix

Posted by Bob Frey on :

Your broker has a form for throwing away stocks as worthless.

Posted by Phoenix on :

Hmm, sounds like a pain in the posterior..or costs money. [Razz]

Thanks.

Posted by RWGATORBLUE on :

You can declare it a worthless stock on your tax return and get a right-off for it. You can't trade that same stock for, I think, 6 months after that even if it hits the roof. That's a gov no no. Having it in your por means nothing after that. Just ignore it.

Posted by Phoenix on :

I know it "means nothing". I dont really care about the write-off much. I'm just sick of looking at it for the past 2 years.

Posted by Machiavelli on :

sell it and take the loss...

Posted by Phoenix on :

quote:
Originally posted by Machiavelli:
sell it and take the loss...

It's restricted -- and the company cant be found -- the transfer agent told me awhile back that no one can locate them. Seems strange that a stock should be allowed to trade in such a circumstance, but that's the way it is.

edit: I sold the other two I had, that were bits of stock left behind -- still seems stupid to me to have to pay commission on 60 cents worth of crap.

Posted by T e x on :

quote:
Originally posted by Phoenix:

quote:
Originally posted by Machiavelli:
sell it and take the loss...
It's restricted -- and the company cant be found -- the transfer agent told me awhile back that no one can locate them. Seems strange that a stock should be allowed to trade in such a circumstance, but that's the way it is.

edit: I sold the other two I had, that were bits of stock left behind -- still seems stupid to me to have to pay commission on 60 cents worth of crap.

as others have posted...go through the process to have it declared nontrading, worthless...

Posted by Vinnie on :

its not the end of the world, just fill out a worthless securities form, and mail it to your broker. They will do the rest, and there is no charge for it.

If the stock can be traded, you can sell it. The brokerage will adjust the commission so that it wont put you into negative. So for example, if your stock is worth 5 bucks and Eturd charges you 13, they will only charge you 5 dollars, making it a zero dollar transaction.
Hope this helps.

Posted by Mantux on :

Etrade charges $5 for worthless securities. Check with your brokerage firm on the charge. It's a simple form that you complete and send it in to your brokerage firm.