Apparently, some bad-boy hedge funds are trying to take Pirate Capital down. The good news is that it means there's nothing fundamental about yesterday's BCO drop. This is from an article you can find here on Yahoo:
Other hedge funds have begun to trade against Pirate as the firm's troubles increase, two hedge fund investors said on condition of anonymity.
The price of nine of Pirate's top-ten holdings fell on Thursday, even as the Dow Jones Industrial Average approached a record high.
Shares of Brinks Co., Pirate's second-largest holding according to Thomson Financial data, dropped 3.9% to $52.99 on Thursday.
Shares of CKE Restaurants, Aquila Inc., CEC Entertainment, PW Eagle , and Pep Boys - all top ten Pirate holdings - fell by 2.5% or more on Thursday.