← Option Trades · Experimental · High Risk
WDAY: Long call
BullishWorkday
Earnings Thursday and live take-private talks. Two ways to win in eight sessions.
By Atul Ghandhi · Updated August 25, 2026 (2026-08-25)
The Trade
| Leg | Type | Strike | Expiry |
|---|---|---|---|
| buy | call | $210.00 | Fri, Sep 4 |
Struck against: $199.15 ▼ 0.43% (Aug 24 close, per StockAnalysis.com)
Catalyst: Q2 FY2027 earnings Thursday Aug 27 after the close, plus reported Silver Lake take-private talks
New to this structure? Calls and puts explained →
The Exits
- Profit order
- Sell on any deal headline, into the pop, same hour. Confirmation rallies get sold by arbitrageurs within the day.
- Event hold
- Hold through Thursday’s earnings. The call has a second life either way while the talks stay open.
- Loss cut
- If both catalysts pass with no move by Wednesday Sep 2, sell at whatever is left rather than riding to zero on Friday.
Why This Trade
Workday carries two catalysts inside one expiry. It reports fiscal Q2 on Thursday after the close, and Reuters reported on August 13 that Silver Lake is in talks to take it private.
The deal story moved the stock 17.78% to $206.45 in a day. It has since faded to $199.15, below where the pop closed. The market is pricing the talks as dead. Nobody has said they are dead.
The founders control 68% of the vote, so a deal happens only at a price they name. Any confirmation gaps the stock through $210 at the open. No trader gets to buy the gap.
Earnings are the second engine. A clean quarter on its own supports the stock while the deal clock runs. The $210 strike needs 5.5% from here with eight sessions and two catalysts to find it.
The Chain
The Fri, Sep 4 strikes this trade lives in. Cboe delayed quotes as of 2026-08-25 14:01:13 ET, with WDAY at $197.92. The page refreshes the numbers hourly.
| Calls | Strike | Puts | ||||
|---|---|---|---|---|---|---|
| Bid | Ask | Last | · | Bid | Ask | Last |
| 9.00 | 11.90 | 11.90 | 195.00 | 6.70 | 10.00 | 6.40 |
| 6.00 | 9.80 | 8.90 | 200.00 | 9.20 | 11.70 | 10.62 |
| 3.90 | 6.90 | 6.26 | 205.00 | 11.10 | 15.30 | 0.00 |
| 2.05 | 5.70 | 4.90 | 210.00 | 14.50 | 18.20 | 16.50 |
| 0.50 | 4.10 | 2.93 | 215.00 | 18.00 | 22.00 | 23.50 |