On June 21st General Electric announced that they would have a 1 for 8 reverse stock split for shareholders of record July 30th. The stock would begin trading post split on August 2nd. One Month earlier on May 24th later Nvidia announced their own stock split, 4 for 1, for the record date of June 21st. Nvidia stock price rose over 18% between the announcement and the effective date. General Electric stock fell 1.8% between the announcement and the effective date. For comparison, the S&P 500 was flat from May 24 to June 21 and then up 4.3% from June 21 to July 30. The Nasdaq 100 ETF was up 3.6% for the first part of the time frame and 5.8% for the latter part of the period. Is there justification for these stocks to make the moves they did following the announcement up to the record date? What would you expect the price action in these stocks to have been? What explanation(s) can you offer for these moves (they do not have to be the same for both stocks)?

Please give specific explanations! Thanks!