Unusual Options Activity: Bullish Trade on Twitter

A trader made a large bullish bet on Twitter (TWTR) Thursday morning. AT 11:53 this morning, 10,000 contracts of each of the May 85 and May 110 call crossed the tape. Open interest had been 70 and 14, respectively. The calls at the lower strike moved at the then-ask price, while the 110s moved at the then-bid price. This indicates that the 85s were initiated from the buy side, while the 110s were sold, opening a bullish debit spread.