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On CNBC's "Options Action", Dan Nathan spoke about a contrarian trade in FedEx Corporation (NYSE:FDX).
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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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The stock is down around 21 percent since Dec. 3 and the options market is implying a 5.5 percent move in either direction next week when the company is due to report earnings. Nathan believes a lot of bad news is already priced in and he thinks that the stock might bounce.
Nathan wants to sell the December 195 call for $1.50 and buy the February 195 call for $6. The total cost for the trade is $4.50, which sets the breakeven for the February call at $199.50. With this trade, Nathan is betting that the stock is going to stay below $195 at the December expiration, but after that, it has to jump above $199.50 for the trade to make money.