Some of these posters were really trying to pump this thing. I sold my entire position at $2.42. Was so happy to get that. Yes I would've loved $2.80 or $3 like these pumpers were trying to get people to believe, but I was extremely skeptical that was going to happen. Put a trailing stop in, and sold at $2.42.
The merger price is set at one share of HCBK will be 0.08403 shares of MTB. So right not MTB is trading at $116.85, puts HCBK at $9.81. But HCBk is only trading at $9.37, over 4% below the $9.81 price. If the deal doesn't happen, I would only guess the price of HCBK would most likely fall. The problem with HCBK is the board of directors, and #$%$ hermace, haven't done a damn thing in years to build shareholder value. Look at the 5yr chart of HCBK, and compare to MTB, or the DOW, we have not done a damn think in FIVE YEARS! Since January 2009, the DOW is up 40%, yet in the same time HCBK is down 50%. They have done nothing but continue to slash our dividends, and lose shareholder value. Without the buyout were lost, we need either the buyout or Hermace gone! Without one of those two things, were dead!
With the market rising on hopes of a debt limit agreement. It seems obvious that the govt. will raise the limit vs. defaulting, so why sell. Is it possible the govt. defaults and the market drops 1,000+ pts. yes, but be realistic. With the substantial current discount (approx $0.25) on HCBK as compared to MTB share price, why sell. Unless the whole market tanks on the debt limit issue, there is nowhere else better to be than HCBK. I am referring to short term only, meaning the next few days- weeks. IMHO, they get a debt limit agreement, market goes up 200 pts, HCBK approaches $9.60, then i will probably sell, bought at $9.32 about two months ago, been waiting watching this go up and down. Finally, appears to be in an upswing. GLA