RE: RE: RE: Big Surprise tomorrow...Well, if oyu're short there a helluva lot more downside than upside at this point. Let's say there's a release that says the deal is dead - and NOTHING else (no dividend reinstated, no special div, no share buyback, no other deals being considered, etc). That's the worst case for BCE pretty much. So imagine in that case there's a big selloff. How low will it go? A few dollars more? Because the lower it goes - the more the value managers in Canada will pick it up for a long-term hold and the traders will go long for a nice short-term trade. OTOH, let's say that something positive develops or a few goodies are thrown into the NR or who knows. And as low as the odds are, what if something is worked out and the deal goes through? Thus, the risk if you're short is a bad proposition. It's like longs who were holding at $40 for their $42.75.
I am very long, but had a small short position as a partial hedge. I took it off today. I'm much more willing to accept what I consider to be small share price downside than I am to get blown out of the water if something positive develops. If I was short, I'd defintiely close it out today. It's not worth the risk.