After IAC (IAC) announced that the company has proposed a full spinoff of Match (MTCH), Benchmark analyst Daniel Kurnos said this was the decision he had viewed as the likeliest outcome of the strategic spin review. Though the company is opting not to spin off ANGI Homeservices (ANGI), he thinks it should also experience some "modest, sustained flow-through benefits" and said IAC will have more "firepower to support the brand." The analyst, who still sees material value to unlock for IAC, keeps a Buy rating on its shares and does not have ratings on Match Group or ANGI shares.

Bullish option flow detected in Match Group with 5,462 calls trading, 1.2x expected, and implied vol increasing over 2 points to 47.46%. May-24 36 calls and 5/3 weekly 30 puts are the most active options, with total volume in those strikes near 4,900 contracts. The Put/Call Ratio is 0.65. Earnings are expected on May 7th.