He stated he already "cashed out", so he can't sell covered calls. You have to own the shares in order to sell covered calls.
There doesn't seem to be any verifiable news story that I can find, that would cause this drop in share price. It is not specifically a UAL issue, since that other major carriers are showing the same "general" price action. (DAL, AAL, LUV, etc.).
JMO, but whatever the reason, appears to be "just noise". The daily ATR on UAL is over $2, so even though it's currently trading at twice that level, it doesn't seem to be out of the ordinary at this point.
$56.70 is the high that MO is setting up to challenge. Once it passes the 50 day at $52.96, it should be easy to get there.
Hold on for the ride, cuz things are looking like the share price is headed to challenge that 05/13 high, and may even see PAR later this year. Nice, very nicely managed company with shareholder value always in play. One of the best sin stocks as far as performance goes, JMO.
Sentiment: Strong Buy
I agree. It's oversold.....I'm starting a Long position at this level. Let's see what next week brings.
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.