The market penalised TLS way before the announcement, so when it...

The market penalised TLS way before the announcement, so when it comes in slightly better than their poor expectations (as was suspected in the run-up, as you saw by the SP move upwards)it has neither fallen nor risen much. The market has turned from completely bearish on Telstra over the past few years to just plain beligerent about it. Nevermind the facts and fundamentals. Great company with a high yield in a conservative, sleepy industry which it dominates. Nice earner. Great story. I'm leveraged into this thing so much (and getting paid for it: yield > int cost) that I feel like a hedgie.