Following in the footsteps of Thursday's option bulls
Shares of Netflix, Inc. (NASDAQ:NFLX) are up more than 80% year-to-date. Following in the footsteps of Thursday's option bulls, speculators in today's session are eyeing additional gains in the near term by scooping up the stock's weekly 4/12 170-strike call. Of the roughly 1,800 contracts traded, 55% have crossed at the ask price, and volume is exceeding open interest levels, suggesting that new bullish positions are being initiated. The VWAP for the out-of-the-money calls is $4.02, making breakeven $174.02 (strike plus VWAP) -- about 10 points north of NFLX's current price. Delta for the call is currently docked at 0.33, or 33%, suggesting the options market is giving the position a 1-in-3 chance of finishing in the money by expiration. Option players aren't the only ones displaying optimism toward Netflix today. The stock was the greeted with an upbeat analyst note from Cantor Fitzgerald this morning.