Hefty time spread opened in 20th Century Fox
Hefty time spread opened in 20th Century Fox. The stock flat at $38.56 and 18.8K Jul - Jan2019 40 call spreads bought for $1.35. 20K trade on the day and the position expresses the view that shares will likely hold below $40 through the July expiration (or not rally more than 9.5%) and then potentially head higher into the January 2019 expiration. Note that the company's M&A ($52.4B stock acquisition) with Disney (DIS) is expected to close late-June, but FOXA's IV of more than 20% hardly suggests ongoing uncertainty related to the deal.