It is a good thing. The short case was based on the companies high debt levels creating a downward spiral- $2 a share would make it difficult for company to raise new debt capital (ie. if stock was at $2 a share) and execute its business plan, which in turn further pressures the stock.
Management team has taken the financing concerns off the table, executing two good transactions, and now seems to be making good progress executing (decent 3G acquisition & iDen retention) which will drive the long case.
There is also a long debt, short stock play that will be getting unwound as the likelihood of insolvency declines. Shorting the stock provides some insurance on the debt default.
Market makers profit off the day traders. Stocks gyrate both ways before the value investor takes over. Refinancing existing debt with new cheaper debt is always smart. Having cash on hand takes away whatever leverage the tower purchasers had before. The buildout is still going on.
just sit tight.
this stock is going much higher.
dont worry about every tick.
bet you you will see 10 long before you see 6.68.
the assets are huge.
those pro analysts know it and so do all the pro players that bought the bonds.
look for a major deal any day.