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Pep Boys' (PBY -10%) shares slide in late trading after Bloomberg reported that the auto service...
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Monday, February 28, 2011, 5:05 PM ETPep Boys' (PBY -10%) shares slide in late trading after Bloomberg reported that the auto service chain had halted efforts to sell itself after failing to attract a high enough price. Although the company had attracted initial indications of interest at $10-$11/share, it had expected a bid priced in the low teens, the report said.
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It's AZO versus PBY pure and simple, with AZO now having shown itself as purely greedy.
AZO found support among certain predatory Boyz, who proceeded to Pairs Trade it to the hilt against PBY for close to two years now.
If PBY said "too much is enough," good for them, not the opposite.
I don't like the whole idea of Pairs Trades or "Best in Breed." But this one has been so egregious, PBY is right to put a stop to it.
Maybe now, it will be judged on its own merits, and AZO will be judged on its inflated PR by the captive Botnets.