12 million shares are shorted, or 11% of the outstanding shares. Once these guys start to cover, the stock is going to pop back up fast. They'll start covering once the stock stabilizes at new 52 week lows. The trend is still down, so they're waiting to maximize their profits. They know that when the stock starts back up, there will be no stopping it. The earnings report that started this was very strong.
When the big boys are short there is no big short squeeze. They have clients that need to sell that they are able to work the play not permitting a big squeeze. The big boys are the buyers that take it up and when they are not buying there is no big quick jump. When they are covered then you have the big jump. This is why you see certain stocks consolidate for so long moving in a small range.