I see bid/ask on my converted SCTY January 2018 strike 10 call options that has a quoted extrinsic value 96% of the similar native TSLA option (assuming TSLA January 2018 strike 90 is the similar option); there's even an implied extrinsic value of the converted options at $0.132, which is a lot less than the $0.50 - $1 I was seeing other times in the last week, but those were illiquid anyway. The bid-ask is 10.60 - 11.85 for an intrinsic value of 11.0386. This is at OptionsHouse "by E*Trade" (E*Trade bought OptionsHouse (!$&*#&@*#$)). I have no idea if anybody would actually buy any if I tried to sell at the intrinsic value (I'm not trying right now). I can always exersize them, and I would get an extrinsic value near 0 and near 100% of the intrinsic value (the only variances being brokerage fees). The bid-ask spread is $4.20 for the TSLA strike 90 options which at *.11 is $0.462, compared to the old converted option bid-ask spread of $1.25. So, the bid-ask spread for the converted option is 270% of the native option. Also, the native option is more liquid (not by much) than the converted option; I see one small trade today in the native option and none in the converted option (I haven't studied trends for a range of strikes in both converted and native).
I still see some pending activity on my Fidelity account for some shares I bought before the ticker symbol merge that settled/are settling after the ticker symbol merge, as well as pending fractional share activities for both the settled and unsettled SCTY stocks. This will probably take a few days to sort out. My account balance is wrong by about the amount of unsettled conversion fractional shares and settled fractional share pending activities right now. I have access to my settled converted SCTY shares under TSLA, but I see my unsettled SCTY shares still listed under the SCTY CUSIP 83416T100 (not the ticker symbol any more), with the conversion rate notated (this is a fractional amount only, being under 10 shares). But, the rest of it is better than it was yesterday.
All my accounts seem to slowly convert from SCTY to TSLA one day at a time: the stop trading, the notation that the SCTY CUSIP is to be converted to what proportion of TSLA CUSIP, the conversion of shares, the selling of partial shares, the basis cost, etc., each seems to take a day (more or less) on its own, and it gets all the more confusing with shares settling across the conversion (of which I have a few). Today is the first day that it looks halfway manageable, and that most of my shares are available and showing up in halfway sensible areas, looking like they are ready for trading (I couldn't trade my SCTY (being converted to TSLA) shares yesterday without calling in; I'm not even sure if I could have traded them if I called). The settlement and accounting will probably take a few more business days (so, Tuesday-Friday next week?).
The only one I bothered to call in and bug them about is confirming that everything was hunky dory with a rather sizable former SCTY (now TSLA1) call option balance that is a huge percent of my holdings, and that is just fine right now. It was a bit alarming yesterday to see a huge chunk of my balance gone from the regular computer screen balance (marked as a "loss" in the summary, completely fake), and equally silly to see a "gain" of that amount this morning. It's just paperwork, though.
I was trying to get a round number of SCTY shares in every account for the conversion, but it was hard for some of my tiny starter accounts because I would have had to get 100 SCTY shares (and for some reason, I didn't realize that that was the fewest number of shares to have a non-fractional conversion). For my larger accounts, they all had non-fractional conversions because they were all multiples of 100 SCTY shares. Paradoxically, this made my larger accounts easier to convert than my smaller accounts.
Thanks for this thread. In two calendar weeks (when they should have settled and calculated everything correctly), I'll sit down and calculate the proper basis cost for each one, so that my taxes come out correctly. I would not be surprised if there's some level of muck-up, or special notations and record keeping, to be done, given the manual-looking methods all these brokerages seem to use to do the paperwork, and what others have posted in this thread.
