Takeover craze. Two weeks ago, $PRGO went crazy on a take over bid from $MYL. Now there is another rumor regarding $TEVA bidding for $MYL, which would be a 33B deal. At this point I don't really care about float or momentum, it's all about the stocks reaction to fresh newsflow, so I'll have my eye on the twitter feeds. All three stocks show nasty premarket action. $MYL and $TEVA are up and $PRGO is down. We'll see how this is going to play out.
Stop: 64.99$
R: -1
After the drop from 65.70$ the stock started to round up above 64.80$. A big buyer showed up on the tape at 65$ soaking up massive size. I joined the bid at 64.99$ with 4cts stop and 65.20$ as first target. It got up to 65.13$ on size but could not hold, so I bailed out quickly, as the stock dropped like a rock.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2015-04-21 10:33:17 | TEVA | buy | $64.990 | long |
2015-04-21 10:39:29 | TEVA | sell | $64.950 | 0 |
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