The Intern Who Stayed After Midnight

Vendor payment terms had improved by three days. None of it meant NorthBridge was healthy. It meant the next quarter might be less terrible than the market had positioned for. He checked options. The stock had heavy open interest in out-of-the-money puts expiring after earnings. Borrow was tight. The implied move was nine percent, but the positioning suggested traders were leaning hard in one direction. If the company merely survived, the stock could rip. Ethan wrote a memo no one requested. Three pages, tight, with exhibits. He sent it to Ellen at 1:17 a.m. At 6:50 a.m., she appeared beside his desk holding a paper copy with red pen marks. "Did someone tell you to write this?" "No." "Then why did you?"