Shares of Canadian precious metals miner McEwen Mining (NYSE: MUX) moved dramatically on Tuesday. The question is: in which direction? According to some quote services, the shares fell around 90% at 1:30 p.m. ET or so. Others peg the price as going up around 12%.
Obviously both of these numbers cannot be correct. Which is why it's important to check the news from the company, which basically tells us that nothing of great importance took place at the gold and silver miner today.
What happened was a 1-for-10 reverse split , which was approved by shareholders on July 12. Investors who owned shares of the company yesterday now own fewer shares, but because it was related to a stock split, they still own the same percentage of the company.
For further details see:
Why McEwen Mining Stock Dropped 90% -- or Did It Rise 12% Today?