I will be clear with my intentions.. I am not a shorter or a basher. I am a realist. I have held this stock off and on for years. It's done good at times and bad at times. Overall, I haven't done great on it, but have made money.
So lets look honestly at the situation. This stock hit $8.67 on new of an offer to pay $9/share. That offer, if completed, would be final months from now. In other words, the buyout offer, after the $8.67 spike would be a 3.7% gain. No sane investor would hold the stock, hoping to gain 3.7% over that time, as a "best case scenario." Therefore, many investors sold, and have continued to sell. In other words, if somebody said you could hold the stock for 6 months and make 3.7%, you would likely not be interested.
In short, we know that, for most probable outcomes, $9/share is going to be the best case scenario, IF the deal is completed. So what we have now is a situation of "who wants to stay in for those gains and have to hold it for that length of time."
Think about this...I sold mine yesterday. It has dropped another 2% percent today. For those that are holding to get the $9/share... You just lost 2% of what you could have made. The stock is 15.3% lower than the $9/share price MAY be.
This is why I sold. I think the stock will continue to slowly drop for a little while. I hope a good announcement is made and I am able to jump on the train really fast once it starts back up. However, I wanted to jump off the train as it's going down and keep as much of the gains I have earned.
Remember guys....We make money when stocks go up. The goal is to own it as it's rising and sell before it falls (a lot, at least).
That said, my advice is just that....sell for now. Even if you sell it today, it drops 2% more in 3 days and you buy back, that's 2% MORE gains you will make if it spikes up on a good announcement. If you think that announcement will come today, by all means...hold it.