$23M spread in Square as a bullish play is adjusted
$23M spread in Square as a bullish play is adjusted. The stock off 56c to $66.72 and 20K Sep 40 - Dec 55 call spreads sold at $11.5. 33K Sep 40 calls trade total today (13K more at $26.90) and the combined $87.8M in premium likely covers a matching block opened 3/19/18 with shares near $55. 33K calls were bought for $16.85, tied to stock on an 86 delta, at that time and are being covered today to monetize the $32.2 in profits. Net cash outlay for the new position in Dec 55 calls is almost $30M and opening the position expresses confidence that shares can move even higher through yearend. Note that ROKU is also seeing substantial deep ITM call buying and these strategies are likely part of a larger stock replacement strategy.