As Comcast shares bounce today, one trader apparently believes that any downside will be limited.
optionMONSTER systems detected the sale of 4,166 May 39 puts today for the bid price of $0.70. This is clearly a new position, as the volume is more than 4 times higher than the strike's open interest of just 932 contracts before the session began.
The put selling is a bet that CMCSA will hold above $39 in the next month. The trader will face the obligation to buy shares if they fall below that strike price. (See our Education section)
CMCSA is up 0.83 percent to $40.32, a day after posting its lowest close since March 1. The cable giant, which reached a high of $42.61 at the start of the month, was last below $39 before its earnings report on Feb. 12.
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