One investor wants to kick back this summer with Coca-Cola Enterprises.
optionMONSTER's tracking systems detected the sale of 3,100 November 22 puts for $0.65 against open interest of just one single contract. The trade accounted for almost all the volume in the beverage company.
CCE fell 3.69 percent to $26.35 on Friday. It's down by more than 10 percent in the last month despite reporting strong results in late April.
Selling puts obligates the investor to buy shares for $22 if they're below that level on expiration. He or she may expect support around $23 or $24, which is where the stock bounced several times last year. If it does, the contracts will expire worthless and the trader will keep the $0.65 premium.
It also makes sense to sell puts because implied volatility has been pushing higher in the name, which means that option premiums are relatively high. (See our Education section)
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