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!