Twenty-First Century Fox has been climbing, and the bulls are
sticking with the name.
optionMONSTER's Heat Seeker monitoring program detected the
purchase of 20,000 April 34 calls for $1.05 and the sale of an
equal number of April 36 calls for $0.30 yesterday. A block of
10,000 April 33 calls was sold around the same time for $1.50,
but volume was below open interest in those.
It appears the investor had a winning bet in the 33s, which he or
she then closed and rolled up to a new bullish
while doubling the size of the position. Making the adjustment
cost nothing and gives them the right to collect $4 million if
the media stock closes at $36 or higher on expiration. (See our
FOXA rose 0.44 percent to $33.94 yesterday and is up 7 percent
since reporting strong earnings last month. The Heat Seeker also
detected buying in the
July 36 calls
on Feb. 24, and those calls have appreciated about 50 percent
since the alert.
The stock peaked near $36 early this year, so yesterday's bullish
spread is looking for a return to those levels. It bottomed under
$31 by early February and has been rebounding since.
Total option volume was 32 times greater than average in the
session, with calls outnumbering puts by more than 300 to 1.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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