Blackstone Group is near six-year highs, and one trader apparently believes that any downside will be limited.
optionMONSTER systems show that 3,500 March 21 puts were sold for the bid price of $0.74. The previous open interest in the strike was just 251 contracts, so today's trade is clearly a new position.
The put seller sees BX holding up above $21 through expiration in mid-March. The trader is also taking on the risk of having to buy shares if they are below that strike. (See our Education section)
BX is up fractionally to $24.98, a day after hitting an intraday peak of $25.61. These are the highest levels since late 2007 for the investment-management firm. Shares were last below $21 in early July.
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