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Duke Energy (DUK) closes its acquisition of Progress Energy (PGN) but surprisingly names Jim...

Duke Energy (DUK) closes its acquisition of Progress Energy (PGN) but surprisingly names Jim Rogers as CEO and Chairman of the combined company. The plan had been for Progress CEO Bill Johnson to lead the new firm, with Rogers as executive chairman, but Johnson has left. Duke shares +192% premarket following a 1-for-3 reverse stock split. (PR) (previous)
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Comments (8)
  • Dr. Poly
    , contributor
    Comments (370) | Send Message
     
    Up 192%? Or this just reflects the stock price after split. I do not believe that if you bought yesterday, that you would have tripled your money. Who writes these SA news snippets? Since it is sub 200% after a 1-3 stock split, it is down on the day.
    3 Jul 2012, 08:28 AM Reply Like
  • Maria Auziliadora
    , contributor
    Comments (628) | Send Message
     
    looks halted
    3 Jul 2012, 09:02 AM Reply Like
  • hawsco
    , contributor
    Comments (4) | Send Message
     
    What worries me is Johnson bailing out and leaving Rogers running the lemonade stand. Is there something we should know? Still, I'm long on the new Duke.
    3 Jul 2012, 09:35 AM Reply Like
  • diogeron
    , contributor
    Comments (141) | Send Message
     
    Having worked as a consultant to the utility industry for 30 years, I think Jim Rogers is one of the top three CEOs in the industry. I own DUK and am pleased with this move, FWIW.
    3 Jul 2012, 01:10 PM Reply Like
  • mikejax
    , contributor
    Comment (1) | Send Message
     
    Doesn't anyone understand how a stock split works?
    3 Jul 2012, 09:36 AM Reply Like
  • Colorado112
    , contributor
    Comments (33) | Send Message
     
    This was a reverse split on Duke. For every 3 shares you had owned you now own one. 300 shares are now 100 shares. The price has gone from $23.98 to $69.84 or 23.98 x 3. The dividend has also gone from .255 to .765 a share. If you compare the totals nothing has changed value wise; the amount you own has been reduced but the value has increased with no net change. Since there is trading today the final stock price may change a little but in effect the dollars are all the same, the volume of shares you own is all that has decreased.
    3 Jul 2012, 01:08 PM Reply Like
  • Neffdogg
    , contributor
    Comments (24) | Send Message
     
    Any thoughts one why the stock dropped almost 2%, a drop that includes after hours trading?
    3 Jul 2012, 03:21 PM Reply Like
  • Maria Auziliadora
    , contributor
    Comments (628) | Send Message
     
    do not pay attention to a/h usually if a stock is not reporting people are buying options!!!
    3 Jul 2012, 07:31 PM Reply Like
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