{"id":122080,"date":"2022-02-02T13:16:08","date_gmt":"2022-02-02T18:16:08","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=122080"},"modified":"2023-02-10T13:31:49","modified_gmt":"2023-02-10T18:31:49","slug":"splitting-alphabet-may-be-a-boon-to-options-traders","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/options\/splitting-alphabet-may-be-a-boon-to-options-traders\/","title":{"rendered":"Splitting Alphabet May Be A Boon To Options Traders"},"content":{"rendered":"\n<p>By now you almost assuredly know that Alphabet (GOOG, GOOGL) reported excellent earnings shortly after US markets closed yesterday and the stock rose accordingly.&nbsp; But the more market-moving news had nothing to do with the company\u2019s fundamentals \u2013 it was the announcement of a 20:1 stock split effective on July 18<sup>th<\/sup>.&nbsp;<\/p>\n\n\n\n<p>Let\u2019s be clear \u2013 stock splits have no bearing on a corporation\u2019s business or balance sheet.&nbsp; They are the equivalent of making change.&nbsp; You give me a $20 bill and I give you back 20 singles.&nbsp; There are differences in utility to having different denominations of currency \u2013 one person may prefer to have singles for small purchases or tips, while another may prefer to have a thinner wallet \u2013 but the amount of each person\u2019s wealth is unchanged after a transaction of that sort.&nbsp; In this case, if you own 100 shares of GOOGL valued at $3,000 each at the close of July 15<sup>th<\/sup>, you\u2019ll have 2,000 shares of GOOGL valued at $150 each on the open of July 18<sup>th<\/sup>.&nbsp; Either way, they\u2019re worth $300,000.&nbsp;<\/p>\n\n\n\n<p>Markets believe that the utility of a lower share price exceeds that of a higher one.&nbsp; A phrase we\u2019ve heard many times today is that the split will make the stock more accessible to individual investors.&nbsp; That was certainly the case when stocks traded almost exclusively in round lots of 100 shares each.&nbsp; But that hasn\u2019t been the case for quite some time.&nbsp; The concept of odd-lot vs. round lot has largely vanished over the years.&nbsp; Furthermore, the advent of fractional share trading largely removed any barriers to entry for those who want to get exposure to the stocks of even the most expensive companies.&nbsp; That assertion is appealing, but not necessarily accurate in the current market environment.<\/p>\n\n\n\n<p>That said, options on Alphabet are likely to become far more accessible to individual traders.&nbsp; When a stock splits, the Options Clearing Corporation adjusts the options prices to reflect the split.&nbsp; If you own 1 contract of the 3,000 strike calls expiring in September on July 15<sup>th<\/sup>, you\u2019ll have 20 contracts of the 150 strike calls on July 18<sup>th<\/sup>.&nbsp; All things being equal, the price of those options will be 5% of what they were pre-split.&nbsp; This has a profound effect on the affordability of options.&nbsp; The smallest available increment of options is one contract that reflects 100 shares of the underlying stock.&nbsp; As I type this, the GOOGL 3,000 calls expiring on Feb. 18<sup>th<\/sup> are about $66 per contract.&nbsp; One contract would therefore cost about $6,600.&nbsp; If the split were miraculously to occur right now, the resulting 150 strike calls would be priced at roughly $3.30 per contract.&nbsp; That means that the minimum outlay for that call would be $330.&nbsp;<\/p>\n\n\n\n<p>With a minimum cost of entry that will be 1\/20<sup>th<\/sup> of what it is currently, the options will indeed be more accessible to small traders.&nbsp; Even better, spreads should decline markedly.&nbsp; The current spread on the 3,000 strike options discussed above is $1.50.&nbsp; Simple math would imply that the spread would shrink to 7.5 cents, but I would not be surprised to see the spread to a nickel or less.&nbsp; If the options are more accessible to smaller traders, it would imply that liquidity would improve.&nbsp; More liquid markets tend to have narrower spreads.&nbsp; For example, options in Apple (AAPL) with a similar relative price and time to expiration have spreads between 1 and 5 cents.&nbsp;<\/p>\n\n\n\n<p>I\u2019m not certain why the company is choosing to wait until after July expiration to effect its stock split, but I wonder if options weren\u2019t a factor there as well.&nbsp; Bear in mind that there are 2 classes of stock, all with multiple strikes, some with intervals as small as $5.&nbsp; Those $5 intervals will become 25 cents, which far below a normal strike space.&nbsp; It wouldn\u2019t surprise me if we see exchanges ratchet back the number of available strikes in order to minimize the ensuing quote traffic that could result from 2 sets of options with strikes in quarter-dollar increments.&nbsp; While that might be a temporary inconvenience to traders, the benefits of smaller contract prices and tighter spread should more than compensate for that inconvenience.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By now you almost assuredly know that Alphabet reported excellent earnings shortly after US markets closed yesterday and the stock rose accordingly.  <\/p>\n","protected":false},"author":4,"featured_media":36355,"comment_status":"closed","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[14700,6,19,8,9,26,3],"tags":[564,1926,8236],"contributors-categories":[13576],"class_list":{"0":"post-122080","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-ibkr-market-insights","8":"category-north-america","9":"category-options","10":"category-region","11":"category-securities","12":"category-text-articles","13":"category-traders-insight","14":"tag-google","15":"tag-options","16":"tag-stock-split","17":"contributors-categories-interactive-brokers"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.7) - 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