This is a close and roll trade where a long call holder was repositioning their deltas.?
Yahoo! Inc., trading 37.41 (down .58) with an IV30 of 36.97, saw a large call roll.? The stock, with an ADV of 57,000 and an OI of 820,000, had a customer close open July 37 and 38 call positions and roll it back to August, in an up and out trade.? The customer sold 32,200 of the July 38 calls at .52 and sold 11200 of the July 37 calls a 1.07 the customer then bought 5250 of the Aug 39s for 1.18 and 32900 of the Aug 39s for 1.19.
This is a close and roll trade where a long call holder was repositioning his or her deltas.? With July quickly coming off the books, and a deal to sell the core business not done yet, the trader need to buy time and thus was willing to give up a point or two of upside to pay less for the roll and to buy a months? worth of extra time.
This trade is bullish both YHOO and YHOO volatility.