Comcast has taken a pounding on the DIS announcement. Arb pressure will probably weigh on the stock for a while, but I can see the potential for this to be huge for CMCSA holders. Consider three possible outcomes: 1. Analysts love the deal and start talking up the combo. 2. DIS mounts a scorched earth defense and the deal is dropped. 3. CMCSA raises the bid substantially, either to give Eisner a graceful exit or in response to a competing bid. Certainly the first two would be positive for the stock, while the third would hurt it, at least temporarily. I'm looking at a backspread using the April 30, 32.5 and 35 calls, which are 2.35 bid, 1.15 and .45 ask, respectively, on a 1:2:1 ratio. Alternatively, it might make sense to wait for the smoke to clear, see if they raise the bid and then do something. Comments anyone?