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Someone Just Paid $4.4M for Google Calls Right Before It Joined the Dow

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ticker lesson

Breakdown

0:00lesson

Dow Jones Index Rebalancing Impact

  • Google joins Dow Jones
  • Dow rebalancing creates buying pressure
  • Fund managers must track index
  • Index changes affect stock flows
1:45GOOG· ticker

Google — Options Trade Analysis

  • August 21st 380 call bought
  • 4.4 million premium paid
  • 52 days to expiration
  • 4,000 contracts involved
  • IV at 37%
3:26lesson

Google Valuation and Market Expectations

  • TD Cohen estimates 475
  • JP Morgan 460
  • Scotia Bank 450
  • Oppenheimer 445
  • Average forecast 21% above current price
5:06lesson

Signal vs Noise in Google Trade

  • 4,000-5,000 contracts
  • Not enough to move stock
  • Someone has a thesis
  • Catalyst-driven positioning
6:36lesson

Google Earnings and Volatility

  • July 28th earnings report
  • 22+ days to expiration
  • Implied volatility 39%
  • Options cheap in earning cycle
  • Pre-earnings runup possible
8:24lesson

Seasonality and Alternative Plays

  • Google up 6.8% average in July
  • Past 10 years
  • Calendar spread possible
  • Diagonal spread setup
  • Short put spread option

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