Ryan Bought a Stock Three Years Ago for $6 a Share

Multiple Choice

Ryan bought a stock three years ago for $6 a share. Today, June 22, the stock is selling for $72 a share. Ryan is afraid that the price will fall and does not want to lose his profits so he places a stop- loss order to sell at $70. The stock sells between $71 and $75 throughout the remainder of the day on June 22. On the morning of June 23, the stock opens at $9 a share based on rumors of a possible bankruptcy due to inappropriate accounting procedures. Which one of the following statements is true concerning this situation?

A) Ryan still owns his shares of stock since his order was never executed at the $70 price.
B) Ryan's stock was sold for $9 a share causing him to lose most of his profits.
C) Ryan received a call from the specialist asking him what he wanted to do about his order.
D) Ryan was able to sell his stock for $70 a share thereby protecting his profits.