One trader appears to be expecting a sharp move up or down in Las Vegas Sands.
optionMONSTER systems show that one print in the July 55 puts tops today's option volume in LVS, with 3,500 contracts bought for $2.22. The volume was more than twice the previous open interest at that strike, clearly indicating new activity.
Just after those puts changed hands, a block of 13,500 LVS shares was bought for $56.5936. The combination of stock and options creates an overall delta-neutral position that would profit from a big move up or down and/or for the actual volatility to be greater than that implied by the options. (See our Education section)
LVS is up fractionally to trade at $56.76. The casino operator was down around $45 at the end of 2012 and hit a 52-week high of $57.88 last week.
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