Facebook Call Options Pop Ahead of Cryptocurrency Reveal

FB stock has been red-hot in recent weeks

Jun 17, 2019 at 2:08 PM
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Facebook, Inc. (NASDAQ:FB) stock is red-hot today, as buzz builds around the company's cryptocurrency, expected to be launched as early as tomorrow, June 18. Ahead of the highly anticipated Project Libra reveal, FB stock is trading up 3.2% at $187.07, set for its highest close since May 10.

FB options traders are getting in on the action, with around 291,000 calls and 94,000 puts on the tape so far, two times the expected intraday amount. Standard June options are popular, with at- and out-of-the-money call strikes from the front-month series the four most actively traded Facebook options this afternoon.

The June 190 call has seen the bulk of the action, with 29,311 contracts traded. Trade-Alert suggests at least some of these calls are being bought to open for a volume-weighted average price of $1.50. In this case, breakeven for the call buyers at the close this Friday, June 21, is $191.50 (strike plus premium paid).

The last time the FAANG stock finished a week above here was May 3, but that's not to say it hasn't made inroads in recent sessions. Since taking a sharp bounce off its 200-day moving average in early June, FB shares have surged more than 16%. Plus, the equity has finished just two sessions lower in June -- a 7.5% plunge on June 3, and a 1.7% drop on June 12.

facebook stock price chart on june 17



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