CTL fell from $42 to $32 a share. 50% Fibonacci retracement brings us to $37, and soon. As early as next week.
I'm also in the camp that management did us a favor. $2 Billion stock buy back is ultimately better for the shareholders than the old dividend. Investment in new products while customers are weaning themselves off of landlines, is essential. This is the best run utility in the U.S., guys.
Dead Cat Bounces typically only do a 23.6% Fib retracement which is 34.40. The top of Thursday's selling bar is 34.15. That's where the sellers will come in en-force. If it can then hold the lo, 32.05, it will have to consolidate for a lot longer than next week to make it back up to $37, imo.