Call buyer lays out $500k in Paramount ahead of earnings. Shares little changed near $23.04 at noon ET with calls leading puts 3:1 and 78% of the flow in the 25 strike calls that expire Friday. Data shows a buyer paying 51 to 55c for a total of 10k contracts in a number of large sweeps ten minutes ago as shares traded $23.09. $500k premium block opens a new position with a breakeven nearly 6% above current spot. Earnings tomorrow morning with straddle suggesting a move near 8%- well above the 4.8% median reaction over the past 4 quarters.
Published first on TheFly
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