Jul. 13 at 6:05 AM
$HUM straddle ahead of July 29 earnings
+234 HUM 100 21 JAN 2028 490.00 PUT @ 145.70, for
$3,409,380 total deltas.
+234 HUM 100 21 JAN 2028 490.00 CALL @ 68.80, for
$1,609,920 total deltas.
Combined exposure ×
$396 =
$1,987,978,320 in dollar exposure. Same size (234 contracts), same strike, same expiry — this is a pure long straddle. The 490 strike is 23.7% above current price, placed out to January 2028 with 18 months of runway. Upcoming earnings on July 29 are anticipated to show a 1.6% decline in EPS, reflecting broader challenges in the Medicare sector.
Someone is buying a massive straddle positioned for a violent post-earnings move in either direction, with the elevated strike suggesting they entered this position when HUM was trading near
$490.
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