Walt Disney's Hulu+ Live TV and FuboTV will soon merge
FuboTV Inc (NYSE:FUBO) stock was last seen up 131.6% at $3.34, after the streaming company announced earlier it will combine with Walt Disney's (DIS) Hulu+ Live TV, bringing their conjoined subscriber count to 6.2 million. The deal makes Walt Disney majority owner of FuboTV with a 70% stake.
The security is still trading well within penny stock territory, but earlier surged to its highest level in over two years and sports a 20.1% lead for the last 12 months. The shares are on track for their fourth-straight gain, as well as their biggest single-day percentage pop since January 2018.
Analysts remain pessimistic, with five of the eight in coverage calling FUBO a tepid "hold" or worse. Plus, short interest is up 9.2% in the last two reporting periods and accounts for 12.4%.
Over at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), FUBO's 50-day put/call volume ratio of 20.47 sits at the top annual percentile. This indicates calls have been much more popular than usual in the last two weeks.
So far today, 196,000 calls and 51,000 puts have crossed the tape, which is 53 times the intraday average. The weekly 1/10 4-strike call is the most active contract, with positions being opened there.