A short would have been a good gamble to hold through the end of the year under the old CEO, since every single pop and every single "a deal is near" ended the same....a drop and no deal.
With the new CEO, the risk/reward ratio has changed. It is much more likely for a new CEO to NOT follow in the footsteps of upsetting shareholders. It is a strategy for a (re)mass exodus of shareholders and a loss of a nice CEO job.
Smart shorts played the overbought situation and waited until a retracement to oversold conditions were in place, before covering. Those smart shorts are covering this morning. The rest of the shorts? They would be wise to cover along with the smart ones.