Options players are bracing for a potential sweetened offer from Newscorp (NWS). A variety of rumor services have been reporting the potential for a $10 increase in the the bid for Dow Jones (DJ) to $70 a share. Volume in the May 60 and June 65 calls is heavy and implied volatility on the June 65s has jumped to 68%.
Disclosure: off the sidelines with both names - no holdings
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