Hopeless financial reporting

Reaper

If you read this article you will see they say:

Shares in JJB Sports (LON:JJB) shot up more than 800 per cent in a frenetic early start to trade after investors agreed to back a £31.5 million share sale that offers the company a financial lifeline.

Sadly they failed to notice there has been a 10-1 share consolidation so actually the share price is down. I wonder if any of their readers rushed out and bought or sold on the news.

Kudos to Jackdow on the iii forum for the spot.

m0n3y_3

Google finance says up 746%, and when I looked this morning yahoo finance said they were up almost 7000% as below

Last Trade: 3,150.00 Trade Time: 10:17
Change: 3,104.90 (6,884.48%)

Just checked again now reporting

Last Trade: 32.00 Trade Time: 16:01
Change: 28.19 (739.90%)

so it has obviously caused some confusion, is this share consolidation (reverse split) fairly rare then?

Reaper

While it is true it confuses the share price stats on many sites they are aware of the change. For example if you look at the Google chart for JJB you will see a green marker which tells you about it is you hover your mouse over it. Also their figures for market cap etc haven't changed which is a big clue.

While not common is does happen from time to time. Often it is the other way round where large share prices are split up for fear the big numbers put off investors.

What's happened here is a lazy journalist has just set a trigger on big share price movements then written a piece as if he knows what he is talking about without doing any research and has made a fool of himself.

inflationiscoming

he was previously a daily mail financial journalist....

whatyadoinsucka

i spotted jjb today and though how the hell did they get that high, 10-1 makes sense :0)