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– A bit of lunchtime excitement as Google earnings unexpectedly hit the wires around 1230pm ET and shares immediately took an $80 dive from 755 to 677 on light EPS and revenue. The release had been expected for post-close today, with the 755 straddle going out near $39 last night and today’s gap lower well beyond the expected reaction. Most active contract is the Oct 800 call, with 16K on the tape and most of the flow in the $2.65 price range pre-release, with the buyers of those contracts a bit miffed (and current value about a dime). (Henry Schwartz (Trade-Alert))
[$698.01 -57.48, IV=28.5% -2.2]
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