Kennybear, I would call what you described as: 'buy on the rumor, sell on the news'. But I'm still confused by what NCT is experiencing these last few days. My other mortgage servicing company, HLSS, has also hit a rough road. These two were the only bad holdings in my portfolio today. I'm just going to let it play out. Will not be stampeded into doing something stupid.
There are many dividend strategies. Some people don't want the dividend. They would rather sell the day before and buy back the next day. I wouldn't be too concerned about this activity. It isn't motivated by fundamentals. It is probably just dividend and option activity tied together.