Papa John's Set To Recover

PZZA fell on Wednesday after news that a major bidder, Trian Fund Management LP, is no longer pursuing the company.

This follows a long rally for the stock, despite a broad market sell off. I think we'll see some consolidation here followed a modest gain as more news and bidders come into the picture.


I entered long at 47.87 here, with a strangle at DEC21 expiration.

DEC 21, 52.5C, 47.5P

Options Chart:
twitter.com/micahdonovick/status/1068173860976111617