Bulls Buy into News Corp Ahead of Earnings

Shares of News Corp (NASDAQ: NWSA) are falling today by 4.71% to $15.28 ahead of the company’s earnings release after the bell. The options market is betting that the slide abates, however. Two notable trades occurred: the first involved the selling of 5,000 July $14 puts and the purchase of 5,000 June $16 calls for a net debit of $0.25 and the second involved the selling of 1,500 more July $14 puts and the purchase of 1,500 July $16 calls for a net debit of $0.38.

News Corp has been seeing bullish options action for over a week and a half now. The Street is looking for $0.22 EPS on $8.23 billion in revenue.