Free Money In Photon Dynamics

It amazes me how inefficient this market can be. With one day left to closing for Photon Dynamics (Ticker: PHTN), the stock is trading around $15.41 that’s a spread of slightly more than 1%. Hellooo…!?!?!? The company issued a press release yesterday stating that they are closing tomorrow in which you will receive $15.60 in cash for each share. I backed up the truck into Photon Dynamics today with purchases from $15.40 to $15.45. I’ll take these types of returns any day.