The shorts are toast. Some are getting a reprieve at highest levels above $13, but most are stuck having accumulated August -December last year. Those that went running earlier last week 5-7 August, have those at much lower levels with fingers crossed. The co has 90% of its buyback in place, having spent very little to support $11.
Could we go lower? Sure. But summer is over in a few short days, and option expiration Friday looms 16 Aug, as well as "improving" economy to be lauded by all the pundits next week in anticipation of supporting premature tapering in mortgage backed fund buying by the Fed, if you believe the 2M jobs created last year or so, contain more than 30% with salaries above Micky D levels. They don't, and the Fed believes its own delusions, just as they missed the great real estate sell off of 2008.
Bottom line, co is running flat out, has a backlog, and doesn't seem to want to quit. I look to buying weakness, as Buffet said, buy when others sell.
$12 by end of week? I've a store house of cash to support that level myself.