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Express Scripts to be Acquired

I’m exiting my ESRX short.

music selection:  “Signed, Sealed, Delivered” — Stevie Wonder

My short position in Express Scripts (ESRX) was doing quite well.  This morning, Cigna announced it was buying the company.  Shares jumped 11%.  I bought to close my 100 shares this morning at 81.44.  Including all put premiums received, I book a 3.03% loss in the trade.  That is 18.72% annualized or 229 dollars in more concrete terms.  I am leaving the now unlikely to be exercised put open until expiry on 29MAR2018.  There really just anything else to be down here except capitulate.

Devour your prey raptors!

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