How to play this tomorrow1. If stock goes up smartly and you are an investor looking for full long term value - Just hold - perhaps sell a few calls against part of your position as full value is a few years away in the high 20s to 30 range. If you hav esold calls perhaps roll out and up to July or October.
2. If it jumps tomorrow and you are a trader you might sell 1/3 or half your position hoping that it dips back in a few days. But watch out for those discussions within institutions that begin to permit a sustained rally and remember ther eis still a sizeable short position. Be nimble and ready to jump back in quickly if ther eis a jump on announcement. ( It may mov eeven higher as CC proceeds.
3. If stock dips down to around 15.50 or lower after announcement because of not as much progress as speculated and you are an investor. Just hold time will reward you next quarter when ER is highest and more time for asset sales and also consider selling some puts on the dip ready to buy more if it meets your put price.
4. If a trader and it drops look fo ra good reentry point or buy more if you have funds or close out your calls on the dip.
Three months from now this ER and CC will be a distant memory and much more progress will likely have been mad eon the balance sheet..
5. Resist the urge to think the stock is trash OR lovely honey. This will be a gradual rebuild over time. Patience. Thi sconstitutes my best advice after 30 years... GL