Boyd Gaming has seen its share price double this year, and traders are betting that the casino operator will hold current levels.
More than 3,000 October 14 puts have been sold today, almost all of them going for $0.50. Open interest in the strike was just 640 contracts before the trades appeared, indicating that hese are new positions.
These put sellers are looking for BYD to stay above $14 through expiration in three weeks. If the stock falls below that strike price, they will be on the hook to buy shares at that level. (See our Education section)
BYD is down 1.16 percent to $14.10 in midday trading. The stock has more than doubled since beginning 2013 at $7 but is facing a resistance level encountered in mid-May.
More From optionMONSTER
- Workday seen holding near highs
- Videocast: 'Event risk' in VIX prices
- Bullish call spread targets Geron
- Investment & Company Information
- Boyd Gaming