This guy is too fixated on options; sure they can be a good indicator, but they can also prove to be extremely unreliable. The action yesterday on over 3x avg. volume points to some real negative news that "those in the know" are privvy to. Gotta be another cut to the divi; but even if they cut by 50%, the yield should easily support the current pps. Unless the bottom has fallen out of the income stream. Either way, PWE upper management should be fired for such a colossal failure the last couple years; inexcusable.
Also, they could be ready to launch a secondary offering or some type of dilutive issuance. The selling yesterday looked like pure panic. Certainly, not the way to unload a large position, the lack of bump up today does not bode well. What happens to PWE in a down equity market?
The day is not over sand ZI agree that it would have been "correct" to get a bump today say to $10.50. In any case, I wrote puts at $11 and at $10 for June. I believe the dividend is safe. If bad news comes out, there will be an investigation. I would definitely be in on the case. I just wish i knew what set off the selling spree. Maybe the stock hit stop-loss orders without a limit.
If they do a secondary coupled with paying out a 10% divi, the management team should face criminal prosecution. While I know I've seen other companies do this, it is a complete breach of fiduciary responsibility. Just saying.