down 7 out of 8 days. Down 14% from top. Broken major support levels. People are tired of being blind sided by management with their low-ball share issues. That's why there's a premium spread on preferred.
I didn't feel blind-sided at all. I expected the offering, and I'm glad for it. Now they need to put it to work (as Dar has pointed out). I also didn't think it was low-ball at all.
I did because I've been burnt badly before. I sold when it first dropped because I have seen this dance with NRF. I also closed out my short options position, which I had as insurance at the $10 strike to protect against this type of dilution. Excellent management doesn't constantly throw gifts to their wall street buddies and kill million's in market cap. I would sell calls at the $9 strike to protect against further downside.