A trader sold 10,000 March $19 puts to buy 10,000 March $21/$23 call spreads.
A trader sold the March $19 puts at $0.64 and bought the March $21/$23 call spreads at $0.52. Therefore, he collected $0.12 to execute the trade. Another trader bought 7,000 January $20/$22.50 call spreads at $0.79. Pfizer has been strong lately, trading at 8.9X forward earnings, 11.8X cash flow and 2.3X sales with a 3.9% yield. Pfizer's dividend is being raised to 10%. PFE closed trading today at $20.40. The lower break even price for the spread is $18.88. The white line in the daily stock chart is the maximum profit level, $23.
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