Media stocks have been in play following murmurs of Verizon VZ – NYSE being open to some sort of deal with Walt Disney DIS – NYSE, Comcast CMCSA – NASDAQ, or CBS CBS – NYSE.
While those names were making headlines, a trader opted for Twenty-First Century Fox FOXA – NASDAQ with an aggressive order earlier today in the form of 7,000 FOXA May 31 calls for $0.74 apiece.
With a price tag of $518,000 and a break-even price at expiration of $31.74, FOXA needs to increase 4.4% for this trade to pan out. Above this level, our customer is on track to make $700,000 for every dollar FOXA rises.
While the perceivable catalyst is earnings scheduled for May 10, FOXA could potentially be involved a deal given the recent buzz. Keep watching the media and entertainment space to see how this story ends.
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