Wells is out this morning saying that it thinks a PVH/WRC combination makes sense.

We actually like WRC here – relatively speaking --  as we think it lacks much of the earnings risk that the rest of the group has this year.

But the fact of the matter is that if it trades up meaningfully on this, more nimble investors should probably sell it. 

Find me anyone that owns WRC where this deal is not part of their ultimate long-term thesis/safety net.

The market has always accepted this deal as inevitable, and embedded it accordingly into WRC’s stock price.

It is simply too soon for PVH to digest such a big transaction.

It is not on the near-term horizon.

18 months out, maybe. But a lot can happen between now and then.