Put Options on TWX on 2/25/2013

Time Warner Inc. (Time Warner) is a media and entertainment company. The Company operates in three reporting segments: Networks, Filmed Entertainment and Publishing. Networks consist of television networks and premium pay and basic tier television services, which provide programming. Filmed Entertainment consists of feature film, television, home video and videogame production and distribution. Publishing consists of magazine publishing. During the year ended December 31, 2011, Home Box Office acquired an additional 8% interest in HBO Latin America Group, consisting of HBO Brasil, HBO Ole and HBO Latin America Production Services. In May 2011, the Company acquired Flixster, Inc., a social movie site. In August 2012, Turner Broadcasting System, Inc. acquired Bleacher Report.

Stockwinners is bearish on this name for the follwoing reasons:

1. The valuation is reach trading at 17X EPS compared to its average of 13X
2. The Oscar factor has elevated this name
3. The Chart looks really topped off

Trade Buy 1 April $52.50 Put at $1.55 For a net debit of $1.55 Profit/Loss Analysis Breakeven at $50.95 Maximum profit is unbounded Maximum loss is ($155.00) at strike of $53.00 Closing Summary Sold 1 April $52.50 Put at $0.00

Position closed on 4/19/2013 at price of $0.00 with a -100.00% loss in 53 days.

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