WCI

At 3:50 or so on Friday news hit the wire services that Carl Icahn had sent a letter to the board of WCI suggesting a slate of 10 directors that he would like to see on the board of WCI. It appears, piecing things together, that Icahn met with the management of WCI and did not like what he heard. WCI quickly responded with a volley that Icahn asked for preferential treatment during their meeting and they want to treat all shareholders equally. The stock rallied about two bucks on the news. In keeping with my earlier posts about trading extremes, I sold all of my shares, the last 600 of them at 24.13. I bought back about 1/3 of my position at 23.75 right before the close. Icahn is clearly agitating for change here and numerous hedgefunds have followed him into this stock, including SAC capital. I am a buyer on dips....and oh yeah, a seller on extreme moves like the one we saw today.