Added back a trading tranche to a core on $LNCO at $24.71 on the fib retrace. Our expectation was that shorts were failing to hold the bearish sentiment even during today's thin tape and expecting a hammer on the day... but now getting much more with the squeeze. So far have yet to raise our bid of $BRY (first buy for a core) but not going to chase today, given we see $BRY could fall hard if $LINE is forced to step back from this deal. Would aquire $BRY aggressively in the $34.23 - $35.83 range.
With L Cooperman getting a pile of cash from taking the Softbank offer on his Sprint position, we expect him to add to $LINE soon.
Key to the squeeze today in LNCO was the July 8th div-x date or $0.24 / sh paid on 7/16. Watching Monday to see if the squeeze continues, or if shorts try to gore the bull again. Technically, the $25.37 (the 50% retrace of today's move) would make an attractive place to add more.