Can't be much fun to pour that much volume into short support and have the stock climb 1.3% during the session! This could well make it back to $10 by x-date. Add 20 cent cost to every share shorted. The bill is already $7 m or more!
This confirms my earlier post that it looked like the shorts had to worker harder today to keep a lid on the price. But yesterday was a cakewalk for them as the buy pressure just wasn't there. Put the two days together and the price is + 2 cents, a hair on the green side of a draw. Nevertheless, with time running out I'd rather see -10 then +12 than the reverse order. The momo ended on the buy side going into the last day before the dividend announcement if I'm right about 7/31 after the close.
BTW, I don't think the aggregate pay in lieu is a significant number. It's the percent that counts. The cost of being short per share is the same on 100 shares as on 1 million shares. Shorts on the ex date go backwards 20 cents. A short at 9.00 becomes a short at 8.80.....harder to climb out of the hole. Is there a saying to the effect that the way to get out of a hole you dug is to first stop digging?
This is either going to be the mother of all short squeezes or the vindication of savvy investors who know a whole lot more than I do. I'm either going to be smiling from ear to ear or crying in my beer. Hope I am not crying.