When things go crazy in Egypt the stock sinks. Wes declares victory saying "It still astound me how you can think an $11B indebted company with $.3B in the bank can not have its stock deteriorate over time."
An 8.7% pop when APA sells 1/3rd of their assets in Egypt. Meanwhile Wes keeps blathering about their balance sheet. Do you really think the guy knows anything about any stock?
It's a bad trade for Wes, he wishes he cover @ $75. I don't have anything against him or short seller, market rallies start with short covering, the more short selling, the higher market goes. Case in point, TSLA, HLF..etc. This is a game changer for APA, buy on dip.
Oops forgot to chime in. This morning I shorted some more APA. Costs basis is $83.xx anyway on this round. Looked like a great opportunity. Cash is a non-yielding asset and just like Apple it will be discounted soon.