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FOXA

21st Century Fox

$48.57

0.47 (0.98%)

10:40
06/21/18
06/21
10:40
06/21/18
10:40

21st Century Fox options active as shares reach new highs

21st Century Fox options active as shares reach new highs. The stock adding 51c to $48.59, now up 26% MTD, following several bids for Fox assets from Comcast (CMCSA) and Disney (DIS). Recent (unconfirmed) reports suggest highest bidder Disney is near US approval for the acquisition. In option action, one player bought 15K Jul - Jan 46 put spreads on FOXA for $1.225. The same play was opened 35K yesterday and is likely a deal hedge - as it expresses the view that shares will hold above 46, or not fall more than 5.3%, through the expiration in four weeks, but possibly fall below that level by early-2019. Similarly, 15K Jul 47 - Jan 43 puts spreads trade for 35c. Also, 5K Jul 38 calls at $10.80 along with 7.5K Jul 41 calls for $7.80 probably closes a matching 2X3 opened 5/18 with the stock at $37.60. Aug 49, Jul 50, and Jul 48 calls also seeing interest today. Total volume 2X daily average at 61K puts and 22K calls. Lastly, 30-day IV up 4% to 23.

FOXA 21st Century Fox
$48.57

0.47 (0.98%)

06/14/18
NOMU
06/14/18
NO CHANGE
Target $40
NOMU
Neutral
Nomura sees 'protracted bidding war' for Fox assets
Nomura Instinet analyst Jeffrey Kvaal expects Disney (DIS) to counter Comcast's (CMCSA) offer for 21st Century Fox's (FOXA) assets, which include Premier League sports rights, premium content, and Hulu stake. He sees the stage being set "for a protracted bidding war." The analyst keeps a Neutral rating on Comcast with a $40 price target.
06/14/18
OPCO
06/14/18
NO CHANGE
Target $42
OPCO
Outperform
Disney likely to top bid for Fox entertainment assets, says Oppenheimer
Oppenheimer analyst Timothy Horan notes that Comcast (CMCSA) has bid $65B for a cash offer for Fox's (FOXA) entertainment assets, a 19% premium to Disney's offer (DIS). The analyst believes it does make strategic/financial sense, and Comcast has a great track record on acquisitions. Further, Horan thinks a joint NBC/Fox would be a content powerhouse while expanding the company's presence in Europe with Sky (SKYAY), and slashing OTT video risk. Nonetheless, the analyst believes Disney is likely to top the bid. He reiterates an Outperform rating and $42 price target on Comcast's shares.
06/18/18
PIVT
06/18/18
DOWNGRADE
PIVT
Sell
Disney downgraded to Sell from Hold at Pivotal Research
Pivotal Research analyst Brian Wieser downgraded Disney to Sell with an unchanged price target of $93. The stock closed Friday up 10c to $108.85. The recent rally in the shares is unwarranted and fails to reflect that a higher price paid for Fox's (FOXA) entertainment assets would reduce the value of Disney to its shareholders, Wieser tells investors in a research note. Further, the analyst believes the acquisition not being completed would also be negative for Disney as it would mean the company would be unable to realize the synergies it expects to produce from the transaction. The strategic position of Disney would "further be weakened relative to what would otherwise be possible without the transaction," Wieser contends.
06/20/18
KEYB
06/20/18
NO CHANGE
KEYB
KeyBanc sees end of Fox bidding war nearing, with Disney as likely winner
KeyBanc analyst Brandon Nispel does not think Comcast (CMCSA) can bid above $42 in all-cash offer for the assets of 21st Century Fox (FOXA) and maintain reasonable leverage ratios, adding that it may be able to go as high as $45 per share in a cash and stock offer. However, a $45 per share bid, split 80/20 cash and stock, would "hardly be accretive" in the next two years and be perceived negatively by Comcast shareholders, he contends. Given this view, Nispel argues the bidding war is approaching an end and he views Disney (DIS) as the likely winner.

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LYFT

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