I am a little confused (nothing new there). But wasn't this pretty much expected? I felt the run up recently was because this was a foregone conclusion. Good news no doubt. But a little surprised at the huge increase today.
It's all about the timing. It is MUCH earlier than expected. The street has PCYC priced for sales starting in Mid to late 2014. Everyone has to revise the numbers up now. If you understand why the present value of 1billion dollars projected to be in hand a year from now is worth more than 1 billion dollars projected to be in hand 2 years from now, you understand why PCYC must be perceived, BY EVERY ANALYST, to be worth more today than yesterday.