Snap (SNAP) is a popular social media company that has struggled in recent months. The company recently announced it would be cutting 20% of its workforce, which sent the share price up about 9% at the time.
A strategist used the opportunity to place what looks like a long-term covered call. It was a 5,000-lot trade, with options not expiring until June 2023.
— Jay Soloff
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Source: Investors Alley