SHORT T @ $30.05

Shorting T @ $30.05

4% position

I'm getting a bit too long for my liking - even though it's utilities, it still makes me sweat - so I'm shorting a sizeable position in AT&T following their dividend cut hiding inside of a merger/spinoff. 

AT&T was one of the first stocks I ever bought and has been basically this price for as long as I've followed it. Not impressive. Management is pretty bad - takes on crippling amounts of debt and now ends the company's dividend growth streak by hiding the dividend cut inside of this transaction.

After rallying the day after the deal, T hasn't moved since. So investors aren't seeing the upside from the deal. Plus, there will be selling pressure from dividend growth investors as the shares are removed from the various dividend ETFs.

As a theme, I see the market as extremely overvalued and have trouble finding reasonable values outside of utilities.