A company has a portfolio of stocks worth $200 million. The beta of the portfolio is 1.1. The company would like to use a CME futures contract on the S&P 500 to temporarily change the beta of their portfolio to 1.5. The futures price is currently 5,000, and each contract is on $250 times the index. What position in S&P futures should the company take?

A. Long 50 contracts

B. Long 80 contracts

C. Short 60 contracts

D. Short 70 contracts

E. None of the above