Danielle Placed an Order with Her Broker to Purchase 400

Danielle placed an order with her broker to purchase 400 shares of each of three IPOs that are being released this month.Each IPO has an offer price of $22 a share.She received allocations of 320 shares of A,0 shares of B,and 400 shares of C.On their respective first days of trading,Stock A closed at $23 a share,Stock B closed at $39 a share,and Stock C closed at $17 a share.What is her combined total first-day profit or loss on these three IPOs?

A) -$1,680
B) -$1,220
C) −$780
D) $1,020
E) $5,200

Correct Answer:

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