Using the historical TTM P/E ratio of 28.60x (currently 28.03x) it isn’t exactly expensive, but if the $46 support level doesn’t hold it could setup for a correction to $42. Put activity was 8x the average daily volume. Microchip Technology (MCHP) – 4,000 Aug $48 puts were purchased for $2.75-$2.90. Shares of X are down for the 7th straight day, resulting in a break down below the January lows. United States Steel (X) – There was a rollout from 7,5 $20 puts ($2.54 credit) into 7,5 $18 puts ($3.47 debit). On July 2nd, JPMorgan Chase reiterated their overweight rating on Delta Airlines (DAL) and a $63.50 price target. Several airlines saw similar rolls during the week to extend their bullish bets on the sector even with the DOJ looking into price fixing. However, losses are expected to be $0.24 per share in EPS this year.ĭelta Air Lines (DAL) – There was a rollout from 20,000+ July 17 $45 calls ($0.34 credit) into 20,000+ Aug 21 $45 calls ($0.96 debit). AMD recently denied reports that they are looking to breakup the company. Major support is around the $90 level.Īdvanced Micro Devices (AMD) – There was a rollout from 180,600 July 17 $2.50 puts ($0.24 credit) into 180,600 Oct $2 puts ($0.16 debit). The multi-month downtrend is still intact. This trade can have a maximum gain on a close at $90 on August 7th. Union Pacific (UNP) – The 1×2 Aug 7 weekly $94/$90 ratio put spread was put on 4,800 times for a $0.14 debit. Earnings are due out on July 22nd (shares have dropped on 6 out of the last 7 reports). Put activity was 15x the average daily volume. Tupperware Brands (TUP) – 3,000 Aug $65 puts were purchased for $2.39-$2.60. Last month, CVS announced they are acquiring 1,600 of Target’s pharmacy and clinic businesses for $1.9B. Big put sellers have been targeting this stock for nearly a year now. Shares of Avon (AVP) are heading lower, but valuations still aren’t at attractive levels given the string of quarterly EPS disappointments.ĬVS Health (CVS) – 6,000 Aug 7 weekly $102 puts were sold for $1.13. There were about 20,000 Aug 21 $6 puts bought on June 26th. Unusual Options Activity: 10 Stocks With Notable TradesĪvon Products (AVP) – 9,000 Aug 21 $7 puts were bought for $0.90-$0.95.
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