Electronic Arts offers $26 in cash for Take-Two (TTWO 17.36), the poster child stock for shorting, (naked or otherwise) in a "bear hug" after TTWO management rebuffed the offer. The question is not if the offer will be accepted by shareholders, but by how many! Institutions own 99,561,039 shares, of the 72,075,000 shares outstanding or 138% of the shares!
TTWO, like YHOO is gone. And this was a hug that the bears definitely hated, that the bulls will love.
So the headlines tomorrow will say that the market rallies on the monolines. It also rallies because good things can happen to stocks that the bears loathe!
Take that bears! This one hurts!