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IGTE,UIS - An Altman Z"-Score Market Neutral Trade: Long IGTE, Short UIS
Details: http://seekingalpha.co...
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Rough day for IGTE today, down ~20% so far. In addition to the attempted acquisition news, I wonder if some are getting spooked by the proposed unit price in the company's S-3 ( http://sec.gov/Archive... ), which is below the current share price. The S-3 does note in a footnote on that price that,
"With respect to the shares of common stock being registered hereunder, estimated pursuant to Rule 457(c) of the Securities Act of 1933, as amended, solely for the purpose of computing the amount of the registration fee, based upon the average of the high and low sale prices of iGATE Corporation’s common stock on October 19, 2010 on the NASDAQ Global Select Market."
Still holding here.
IGTE dropped another 10% today on the acquisition news. My trailing stop kicked in and I sold it at $17.03 for a 18.8% loss on the long side of this trade. Plan on covering the short side tomorrow.
Covered UIS at $26.8 for an 11.2% loss on the short side of this trade. Combined loss on trade: 15%