The bulls are tuning in for more upside as Viacom explodes
The media company is up 5.9 percent to $78.75 in afternoon trading
after announcing that it would double its share-buyback program to
$20 billion. Earnings missed by a narrow margin, but revenue beat
thanks to strong advertising sales.
Viacom has also seen bullish action in the option market, with
optionMONSTER's Heat Seeker system showing the purchase of more
than 7,400 August 80 calls against previous open interest of just
49 contracts. The largest block priced for $0.95.
lock in the price where shares can be purchased, letting investors
cheaply acquire upside exposure to the stock. The options can
profit if VIAB continues to run in the next two weeks, while
limiting the amount of money that can be lost in a selloff. (See
Today's move represents another record high for the VIAB, which
owns MTV and Comedy Central. It's up 49 percent so far this year.
Total option volume is 5 times greater than average in the name,
according to the Heat Seeker. Calls outnumber puts by a bullish
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