this is where I like to urge fellow longs to be cautious against irrational exuberance. Yes, PPS movement is encouraging and yes, some retail shorts are likely covering but that leaves some very smart and sophisticated institutional shorts who have proven to be more right than wrong and always a step ahead of us longs.This is where they get creative and start to play dirty. Let's hold off on the victory laps until our deal is done.
Even the large institutions have a pain threshold... and it might be mandated, so the PM might be forced to cover at a certain point even if he doesn't agree. I've got to think that when shorting this stock, none of them dreamed of a mid 60s level during the run-up to the bid deadline.
Ed, I'm suggesting on holding off on premature celebration. For those of us that have been around here a while we've seen this before. In my opinion, it is unwise to count out the shorts until our deal is confirmed and reflected in the PPS.