by Houghton and Atkeson 07/18/08
CTC Media (CTCM) operates a Russian television network that's carried by 350 television stations and local cable operators. The company is scheduled to report earnings at the end of the month on the 29th.
Option investors are betting that CTCM takes a cut when earnings are reported, as there are opening buyers of approximately 4,000 November and February $22.50 (QCJWX/QCJNX) and $20 (QCJWD/QCJND)puts.
We expect by tomorrow morning to see total put open interest of about 30,000 contracts relative to about 8,000 call contracts. These investors are paying north of $2.25 for these puts, which means they have skin in the game.
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