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+a.,,., 1: Definitions 29 
+the specific terms of the new option series, in case the broker has overlooked the 
+information sent. 
+E«ample 1: XYZ is a $50 stock with option striking prices of 45, 50, and 60 for the 
+January, April, and July series. It declares a 2-for-l stock split. Usually, in a 2-for-l 
+split situation, the number of outstanding option contracts is doubled and the strik­
+ing prices are halved. The owner of 5 XYZ January 60 calls becomes the owner of 10 
+XYZ January 30 calls. Each call is still for 100 shares of the underlying stock. 
+If fractional striking prices arise, the exchange also publishes the quote symbol 
+that is to be used to find the price of the new option. The XYZ July 45 call has a sym­
+bol ofXYZGI: G stands for July and I is for 45. After the 2-for-l split, one July 45 call 
+becomes 2 July 22½ calls. The strike of 22½ is assigned a letter. The exchanges usu­
+ally attempt to stay with the standard symbols as much as possible, meaning that X 
+would be designated for 22½. Hence, the symbol for the XYZ July 22½ call would be 
+XYZGX. 
+After the split, XYZ has options with strikes of 22½, 25, and 30. In some cases, 
+the option exchange officials may introduce another strike if they feel such a strike is 
+necessary; in this example, they might introduce a striking price of 20. 
+E«ample 2: UVW Corp. is now trading at 40 with strikes of 35, 40, and 45 for the 
+January, April, and July series. UVW declares a 2½ percent stock dividend. The con­
+tractually standardized 100 shares is adjusted up to 102, and the striking prices are 
+reduced by 2 percent (rounded to the nearest eighth). Thus, the "old" 35 strike 
+becomes a "new" strike of 343/s: 1.02 divided into 35 equals 34.314, which is 343/s 
+when rounded to the nearest eighth. The "old" 40 strike becomes a "new" strike of 
+39¼, and the "old" 45 strike becomes 441/s. Since these new strikes are all fraction­
+al, they are given special symbols - probably U, V, and W. Thus, the "old" symbol 
+UVWDH (UVW April 40) becomes the "new" symbol UVWDV (UVW April 39¼). 
+After the split, the exchange usually opens for trading new strikes of 35, 40, and 
+45 - each for 100 shares of the underlying stock. For a while, there are six striking 
+prices for UVW options. As time passes, the fractional strikes are eliminated as they 
+expire. Since they are not reintroduced, they eventually disappear as long as UVW 
+does not issue further stock dividends. 
+Example 3: WWW Corp. (symbol WWW) is trading at $120 per share, with strike 
+prices of ll0, ll5, 120, 125, and 130. WWW declares a 3-for-l split. In this case, the 
+strike prices would be divided by 3 (and rounded to the nearest eighth); the number 
+of contracts in every account would be tripled; and each option would still be an 
+option on 100 shares of WWW stock. The general rule of thumb is that when a split 
+results in round lots (2-for-l, 3-for-l, 4-for-l, etc.), the number of option contracts is