BEA today told Oracle to go to hell, telling the database vendor that it would let the $17 per share acquisition offer expire.

Together with Oracle's refusal to raise its offer yesterday afternoon, investors now seem to have lost faith in on Oracle takeover. BEA  stock closed at $16.50 today. A $17 dollar price would indicate that investors expected BEA to accept the deal. If they anticipated Oracle to raise its offer, you'd expect BEA stock to trade at more than $17.

What will be left on Sunday is a wounded BEA. The company can not reliably tell its customers that it is a viable long term investment. If its shareholders don't see that, they will likely receive a wake-up call in future earnings releases.