I believe serena is right. Looks obvious on the chart. I still think the deal will close, but admit I sold after that USW news. I'm just sort of sick of it. Arbs don't like volatility (at least I don't). Maybe I'll nibble at it here, maybe not, but certainly not nearly in a full size.
BTW, anyone know if Apollo is putting up any equity at all? And if so, when their FX hedges expire. That was my big concern after the USW business, tho I just felt like selling on that concern rather than bothering to look it up. Good luck everyone.
I think a lot of stop loss orders came through because the lowest price which CTB fell after the announcement of the merger was around $30.50 and so it stands to reason that people banking on the merger would want to get out if the price fell below this. What do you think? The drop date is 12/31/31 unless they extend it.