Trade executed was the September $39/$33 bull risk reversal 20,000x for a $.08 debit. Profit potential is unlimited. Break even is $39.08.
Shares are down, but have bounced from support near $34 since earnings. Recent large bullish activity seems to suggest the name has bottomed. Just last week you might remember, NTAP was a prior trade of the day.
$13.6B market value, trades 13x earnings, 1.3x PEG, 2.9x cash value and 12x cash flow.
Alternative trade would be the September $33/$31 put bull vertical and the September $39/$41 call bull vertical for a total debit of $.31. Trade offers sufficient profit potential with less risk.
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No position at this time. Position declarations are believed to be accurate at time of writing but may change at any time and without notice.