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How to Play Facebook Ahead of Rumored Phone Announcement

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Facebook has invited the media to come see its "new home on Android" at an event on April 4. Here's the trade to consider.

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Facebook (NASDAQ:FB) has invited the media to come see its "new home on Android" at an event this Thursday, April 4. Facebook is hosting this event at its headquarters in Menlo Park, California. The exact details have not been released, but there is speculation that Facebook will be releasing its very own Facebook phone. This phone will possibly use rival Google's (NASDAQ:GOOG) Android operating system in conjunction with HTC (TPE:2498) hardware and AT&T (NYSE:T) service. The phone would likely deeply integrate Facebook, and increase Facebook mobile users, which account for approximately half of the 1.06 billion monthly users.
The company will release its first quarter 2013 financial results after market close on Wednesday, May 1, 2013.
The trade: Buy Facebook Weekly 26 Straddle at $0.66
Risk: $66 per 1 lot
Reward: Unlimited
Breakeven: $25.34 & $26.66
Greeks:
Delta: Flat
Gamma: Long
Vega: Long
Theta: Short
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No positions in stocks mentioned.
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