The downgrade yesterday had to do with the option chain that expired yesterday and nothing with ESPN.
Look at the hug open interest in the 110 (11,385) and 115 puts (35,665). The number for the 110 calls (6,495) and the 115 calls (10,877) were not that big.
Nasdaq site still has the option chain for December.
There was a chance that had that downgrade not come, the stock would have edged towards 114-115 (it had reached 114.48 the previous day).
Now the 35,665 $115 puts were in the money by $7 instead of being in the money by just $0.50 to %1.0. The 110 puts should have been worthless and instead finished in the money by $2. Those 35,665 puts being in the money meant those option holders got $25 million payout instead of it being close to worthless. Even the $110 puts meant a $2.3 million payout instead of it being worthless.
So, if BTIG's clients had owned a lot of these puts, they made out like bandits with this downgrade.
Here's what the Ex-ceo himself said in a Dutch Forum: Google this to find it.
From a personal perspective the last six years were very challenging and I needed to make a change. There is never an ideal moment, but after all the successes - Glybera, validation of our AAV5 insect cell technology in the CNS, BMS collaboration - and having built such a strong financial position for QURE (we will have more than 200 m end of year) I asked the board to think about my succession. It was important that we would find an operationally strong leader who would have a tight grip on building out the portfolio and eventually commercial infrastructure.
I am fully supporting the new management of the company. Also, I would like to assure you that there is no change over gudiance/ outlook given in our recent calls and public statements.
Warm regards and thanks for all your support in recent years!
JPMorgan analyst Chris Schott started shares of Momenta Pharmaceuticals with an Overweight rating and $26 price target. Glatopa, or generic Copaxone, is a key near-term value-driver for the company, Schott tells investors in a research note
Box Office: 'Star Wars: The Force Awakens' Headed for Record $50M-$55M Thursday-Night Opening
J.J. Abrams' movie began rolling out at 7 p.m. Thursday in thousands of North American theaters; fanboys turn out in force, with males making up more than 70 percent of the audience.
J.J. Abrams' Star Wars: The Force Awakens is headed for a $50 million-$55 million Thursday-night opening at the North American box office, a record number that could climb as high as $60 million by morning.
The previous champ was Harry Potter and the Deathly Hallows' Part 2, the final film in the franchise, which earned $43.5 million in Thursday previews in July 2011. The Dark Knight Rises took in $30.6 million in 2012, and Twilight Saga: Breaking Dawn Part 2 took in $30.4 million, also in 2012.