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Very Elevated Options Trading in Zynga Ahead of Earnings (ZNGA)
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All of the action is in the May 2012 Calls and Puts with more than 10,000 traded in each series:
As a reminder, trading volume of 10,000 options contracts actually translates to 1 million shares of common stock if you take it at face value on a fully leveraged basis of 1 contract per 100 shares of common stock.
Zynga shares are trading up almost 3% at $9.38 ahead of the report and the post-IPO range is $7.97 to $15.91. Yahoo! Finance lists its market capitalization rate as $6.77 billion for the company’s equity value.
Thomson Reuters has estimates of $0.05 EPS on $317.25 million in revenue. Next quarter estimates are $0.06 EPS and $339.55 million in revenue. Keep in mind that Zynga is trading as a busted IPO as of now.
JON C. OGG
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