Lets sit back and see what the EC does next. The EC did state they were gratified by the ruling, I am sure there is a plan to deal with the opinion.
The bottom line is that 'The Market' didn't seem phased one bit by Walrath's opinions today. High vol, but no sell off even with loads of negative outcomes for us. 'The Market' seems to want to see what happens next before making any decisions.
After the ER, PQ's plummeted 80%. After the basically carbon copy opinion of Walrath, nothing. In fact they went up today.
'The Market' is still valuing PQs at 2%, 100% more than Rosen's 1% maximum. After Walrath opined against us.
Personally I think those releases carry more weight than we think. Again, lets see what the EC's next move is here.
