45% short interest, it's bound to happen.
Once it started bouncing off 50-52 level couple times last few days you know the short covering is coming.
I sold my shares this morning at 78 then heard on the radio about the news, 19 billion deal so that should translate to about 93/share
what gives ?
This is a deal that WDC has to make if they want to stay relevant because flash is displacing magnetic drives the same way as CD did cassette tape.
Traders are already shorting WDC and going long on SNDK.
I don't think it will 90 but I do think it's around 80.