{"id":210355,"date":"2024-08-14T12:30:55","date_gmt":"2024-08-14T16:30:55","guid":{"rendered":"https:\/\/ibkrcampus.com\/campus\/?p=210355"},"modified":"2024-08-15T05:44:01","modified_gmt":"2024-08-15T09:44:01","slug":"sour-stock-split-performances-amid-a-possible-sequel-to-last-years-pullback","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/sour-stock-split-performances-amid-a-possible-sequel-to-last-years-pullback\/","title":{"rendered":"Sour Stock-Split Performances Amid a Possible Sequel to Last Year\u2019s Pullback"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>Published: August 14, 2024.<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Markets have turned volatile lately as several micro and macro fears brewed to the surface<\/li>\n\n\n\n<li>We highlight four companies that announced stock splits this year, each with weak recent stock price action<\/li>\n\n\n\n<li>While the positive effect on share price has waned, there has been an uptick in the number of companies announcing traditional splits<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><em>I Know What You Did Last Summer&nbsp;<\/em>was a suspenseful horror hit in the late 90s. Millennials may remember the movie and its sequel starring Jennifer Love Hewitt and Freddie Prinze Jr. The story follows four teenagers involved in a hit-and-run accident and a killer seeking revenge for an apparent murder the teens committed. A year after the accident, the teens begin receiving ominous messages from the mysterious killer.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Today\u2019s stock market has a bit of that same feel. Recall it was last summer when the S&amp;P 500\u00ae was in the throes of a correction.&nbsp;<a href=\"https:\/\/www.wallstreethorizon.com\/blog\/The-Final-Peak-Week-for-Q2-Starts-as-Earnings-Hit-Their-Stride\">Equities peaked in late July<\/a>&nbsp;\u2013 during the heart of the Q2 earnings season \u2013 and would go on to bottom the following October. The pullback was nearly as textbook as it could get considering that US large caps dipped 10% over the course of three months before resuming a broader uptrend.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-troubling-headlines-in-early-august\">Troubling Headlines in Early August<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Investors are now receiving ominous messages and reminders about volatility. Last week, the VIX\u00ae Index soared above 65 for a moment following a turbulent weekend of bearish news that included confirmation of a large sell of Apple (AAPL) stock by Berkshire Hathaway (BRKA),<sup>1<\/sup>&nbsp;reports of a delay in NVIDIA\u2019s (NVDA) new Blackwell chips,<sup>2<\/sup>&nbsp;turmoil in the Japanese stock market and its yen carry trade unwind,<sup>3<\/sup>&nbsp;and the potential for war in the Middle East.<sup>4<\/sup>&nbsp;All of that followed a disappointing US jobs report after the Fed decided to put off its first rate cut, likely until September.<sup>5<\/sup>&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">While the reasons may be much different from this time in 2023, investors likely feel as if the bears are stalking them for past misgivings as we venture further into a historically weak period on the calendar. And we see selling pressure among a handful of once-hot individual stocks that announced splits earlier this year.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-the-appeal-of-stock-splits\">The Appeal of Stock Splits<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The media often discuss stock splits in a positive light. After all, the reason a management team elects to divide its existing shares into multiple shares is commonly as a result of a previous run-up in the stock. A traditional split can increase trading liquidity, and it may have certain psychological benefits as investors may perceive a lower-priced stock as more accessible, even if the company\u2019s fundamental value hasn\u2019t changed. Stock splits can even be implemented to make shares more affordable for employees in certain stock-based compensation plans.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-more-splitters\">More Splitters<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Traditional stock splits were back in vogue last quarter. Q2 2024 featured 29 split announcements \u2013 the highest in three years. It\u2019s not surprising considering that markets were in rally mode, led by strength in US large caps. The third quarter is already tracking well with 10 split announcements as of August 7.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Q2 Marked a Three-Year High in Traditional Stock-Split Announcements<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" data-src=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/08\/image-11.png\" alt=\"\" class=\"wp-image-210357 lazyload\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Source: Wall Street Horizon<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Digging Into the Anomaly<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Research shows that stocks that split tend to beat their primary index, but the alpha trend has waned over the years as the anomaly has become more widely understood. BofA Global Research reports that since 2010, stocks that have split have posted a 12-month forward return five percentage points above the index. While that\u2019s strong, it\u2019s far short of the 10-percentage-point-plus positive gap seen in previous decades.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Stocks that Split Have Historically Outperformed<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img decoding=\"async\" data-src=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/08\/image-12.png\" alt=\"\" class=\"wp-image-210358 lazyload\" style=\"width:950px;height:auto\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Source: BofA Global Research<br><\/em><br>More recent figures from Goldman Sachs, using FactSet data, reveal that in the past five years, the stock-split halo has been even less powerful. Average excess returns among splitters are essentially flat in the following week, month, and 3-month periods.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>The Stock Split Announcement Effect Has Disappeared Recently<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" data-src=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/08\/image-13.png\" alt=\"\" class=\"wp-image-210359 lazyload\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Source: Goldman Sachs<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">A Changing Market<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Why aren\u2019t we seeing the outperformance of yesteryear? Well, information is more easily available today and the advent of fractional-share trading along with markets that are perhaps more efficient at least partially negates the halo effect of a stock split. There are also fewer splits as higher share prices are now accepted, and many large companies are not as concerned about needing to appeal to retail investors due to large institutional shareholder bases.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Stock-Split Stars Hit the Skids<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Turning to recent market action, let\u2019s follow four of this year\u2019s highest-profile stock splitters. Chipotle (CMG), NVDA, MicroStrategy (MSTR), and Super Micro Computer (SMCI) each announced splits, the first being CMG back on March 19. NVDA followed with a 10:1 on May 22, then came MSTR\u2019s 10:1 on July 11, and SMCI joined the party on August 8.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Through last Wednesday, all of those stocks were mired in steep drawdowns. Notice in the graph below that the best performer was CMG \u2013 down 22% from its mid-June peak. NVDA was the poster child for the AI-fueled bull market from late 2022 through the first half of 2024, but the mega-cap is now well into bear-market territory. MSTR, often included in the same conversation as crypto, tested its March peak last month, but has since plunged more than 30%. SMCI, another AI play, reacted harshly after its quarterly earnings report and stock-split announcement on August 6.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>2024 Drawdowns: CMG, NVDA, MSTR, SMCI Down Sharply from YTD Highs Despite Split Announcements<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" data-src=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/08\/image-14-1100x606.png\" alt=\"\" class=\"wp-image-210360 lazyload\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/606;\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Source:&nbsp;<\/em><a href=\"https:\/\/app.koyfin.com\/share\/ef246a5dca\"><em>Koyfin Charts<\/em><\/a><strong><br><\/strong><br>The Bottom Line<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">There\u2019s a feeling of d\u00e9j\u00e0 vu in markets today. The S&amp;P 500 fell about 10% from late July through early Q4 last year, and that followed downside price action over a similar stretch in 2022. This year, the bears have asserted themselves after the bulls controlled the first half. Shares of companies that recently announced stock splits are well off their highs, generally not benefiting from the historical trend of outperformance.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>I Know What You Did Last Summer\u00a0was a suspenseful horror hit in the late 90s. Millennials may remember the movie and its sequel starring Jennifer Love Hewitt and Freddie Prinze Jr. The story follows four teenagers involved in a hit-and-run accident and a killer seeking revenge for an apparent murder the teens committed. A year after the accident, the teens begin receiving ominous messages from the mysterious killer.<\/p>\n<p>Today\u2019s stock market has a bit of that same feel. Recall it was last summer when the S&amp;P 500\u00ae was in the throes of a correction.\u00a0Equities peaked in late July\u00a0\u2013 during the heart of the Q2 earnings season \u2013 and would go on to bottom the following October. The pullback was nearly as textbook as it could get considering that US large caps dipped 10% over the course of three months before resuming a broader uptrend.<\/p>\n","protected":false},"author":586,"featured_media":210357,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[6,8,9,22,3],"tags":[],"contributors-categories":[13636],"class_list":["post-210355","post","type-post","status-publish","format-standard","has-post-thumbnail","category-north-america","category-region","category-securities","category-stocks","category-traders-insight","contributors-categories-wall-street-horizon"],"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 v28.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Sour Stock-Split Performances Amid a Possible Sequel to Last Year\u2019s Pullback<\/title>\n<meta name=\"description\" content=\"I Know What You Did Last Summer\u00a0was a suspenseful horror hit in the late 90s. Today\u2019s stock market has a bit of that same feel. Recall it was last...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/210355\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sour Stock-Split Performances Amid a Possible Sequel to Last Year\u2019s Pullback | IBKR Campus US\" \/>\n<meta property=\"og:description\" content=\"I Know What You Did Last Summer\u00a0was a suspenseful horror hit in the late 90s. Today\u2019s stock market has a bit of that same feel. Recall it was last summer when the S&amp;P 500\u00ae was in the throes of a correction.\u00a0Equities peaked in late July\u00a0\u2013 during the heart of the Q2 earnings season \u2013 and would go on to bottom the following October.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/sour-stock-split-performances-amid-a-possible-sequel-to-last-years-pullback\/\" \/>\n<meta property=\"og:site_name\" content=\"IBKR Campus US\" \/>\n<meta property=\"article:published_time\" content=\"2024-08-14T16:30:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-08-15T09:44:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/08\/image-11.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"949\" \/>\n\t<meta property=\"og:image:height\" content=\"540\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta 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