I sense management has been put on a time line. People are looking for an event to surface value.

I just don't buy the story that Zucker will walk away, because he'll trash his own holdings. There's some value there and I think someone will get it.

People want producing assets to take advantage of the high commodity prices. You may be seeing a bit of a preview of next year, when metals might outshine energy stocks.

There was so much negativity about such a big acquisition that even a slow progression is fine. People were afraid of the size of the deal. It's a name that will provide some growth for us.

After the huge gains in energy stocks this year, people may be taking some money off the table just to be careful. People may also be selling some shares in anticipation of the usual, seasonal decline early in the year for energy.

If firms were training people in the higher-value management skills, it would not be quite so bad, but we are not.