Shorts have to be covering, feeling major pain today. Any dividend has to be covered by them adding to the pain. OUCH, S**t, D*mn, and stronger have to be giving them fits. Over 80 million shares traded today already, with 2 1/2 hrs to go. A normal day is usually less than 3 million shares. WoW!!!!!!
The $16.50 special divy is built in to the merger price.
Heck, the 52 wk HIGH was at $67.74. They want to steal the company. The premium paid over the high would only be $3.26 a share? C'mon folks, get serious with a decent offer.
Anyone looking at the $80 calls expiring this Fri. should be careful. With a spread between Bid and Ask at $2.25, and low OI, I see the very real possibility of SAFM closing out the week below the strike price. JMO.
England is voting on plain packaging for cig companies today, similar to what Australia passed. The result is undoubtedly a reason for the strong moves in share price.
FYI, Yahoo is showing a 52 wk low of $5.48, and that seems to be holding for now. My charts must be the same as yours, showing $5.63. Go figure???
I think you're right about a possible takeover candidate, but for right now, the short interest is in control and they can easily hammer it again and again. Time will tell but $78-85 S/R seems to be the range for the traders out there.
The recent run up to the $86 level was short lived, and SAFM now seems to have changed directions once again. It looks to me that it's headed back below the $80 level, on its way back to a support near $75, in spite of a positive outlook. JMO.
It's next stop should be around $35.50, last visited on 11/28/14. JMO from a technical view. Nice divy in the meantime from this aristocrat.
A stock can stay in oversold territory for a very, very long time. Ask anyone who has tried to call a bottom. It's usually best to let it settle in and exhaust itself.