Welcome to the Becalmed issue of M&A Daily
Volatility
The S&P 500 (SPY) is currently in its 40th trading day without a 1% intraday move. This is the longest streak of tranquility in its history. One of the opportunities that I have most frequently highlighted is the short case for the various volatility-linked securities (for two examples, see How Much Would You Pay To Avoid Volatility? and The Biffy Butler Bidet Sprayer/Digital Accessory Caddy Of Investments). However, as the current calm streak hits biblical proportions of forty days and forty nights, it might be worth covering such positions. I still believe that these are lousy securities, but no longer think that their current prices make them auspicious short candidates.
ZELTIQ
Allergan (AGN) is buying ZELTIQ (ZLTQ) in a $2.475 billion cash deal. ZLTQ holders get $56.50 per share. Moelis (MC) is working with the buyer.
AT&T
AT&T (T) and…
