From a FA point of view you are right, they can chose to write off a lot more to improve their balance sheet in the future (they still have some $9 B they have not written off). I doubt that they actually have taken standard operating expenses and included that in the one time write off. But even if you assume that they did not, the result do not justify the AH exuberance. Technically, AMGN must break $48.5 or so to become a good short, you are on the cusp, and since the flag was taken by the SOX in the last day or two, one may expect the BTK to lead the next decline and you might be OK, just don't be stubborn and stay too long, a breach of $52 (closing basis) should be your sign to get out of the way, IMTO.
Zeev
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