Bearish
$NLOK here is how I think this works based on my research, let me know if I'm wrong. Once they pay out the special dividend the market capitalization of the stock will be decreased by the amount of the dividend, so the company is worth less, therefore the stock price will automatically drop by that $12. I initially thought this would be an easy play by buying some puts, but of course there's no such thing as easy money, it appears to me as if the strike price on whatever contract you purchase will automatically be adjusted down $12 as well, thus there is really no option play on this either, unless you have some idea of which way the stock will move prior to the 23rd or 31st. I see conflicting information on which way it generally tends to go.
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