July 14: Sorcerer's Apprentice

One movie opening today, midweek, The Sorcerer's Apprentice (SORAP), hoping to beat "Inception" by at least a couple of days. Stock is at H$79, down from a high of H$127 - we've got another classic bell curve. Not looking good. Strike price for the options is H$35, with the call (SORACA) dropping, although still above IPO, and the put (SORAPU) at H$3 and a half and change. Not much optimism about that $35 million opening. Critics are not enthused, it's at 33% on RT. Ain't It Cool News gives what is probably a consensus view, that it's not bad, but not great. I think the stock has bottomed out, but it's only predicting a $29 million opening weekend. That feels about right. Blockbuster Warrant strike price is H$120, which is feeling unlikely.

Stock: Long

Call: Short

Put: Long

BW: Short