How'd that work out Tim? Stock has dropped $20 so you only made $2/share. Not a very good return. If you are going after special dividends as a strategy, you need to invest in decent companies or get in before the price escalates on the news. This was a $140's before the announcement which included them taking on more debt to pay the dividend (never a good thing to borrow to pay shareholders-not true ROE). If a spec dividend is the only thing the company has going to make the price pop, it's always going to give it back.
1. sell it to take the net profit of $2 but you will get killed on taxes-the $8,800 is all reg income (non-qual div) and your S/T loss of $8,000 is capped at $3,000 unless you have other gains to offset it. So that $800 you netted is only about $600 on $63K. You are better daytrading CERE 5 cent swings.
2. hold for 61 days to make the dividend qualified (taxed at 0%, 10% or 15%) and not reg tax rate and hope the stock goes back up to at least $151 for a $3,000 loss.
I did this with OMX ($1.50 on $11.50) and GNRC ($5.00 on $40.00) and it has worked it well because OMX is merging with ODP so there was a company strategy for stock appreciation and shareholder S/T growth (stock has mostly rebounded to pre-div price) and GNRC is a great fundamental company which has nicely returned to pre-div price and only going higher. Holding both for 61 days. Both never gave back all the dividend in price loss except for Bernanke Taper day (which was a great buy day for me).