Downside paper builds in Las Vegas Sands
Put buyers are bracing for more downside in Las Vegas Sands.
optionMONSTER's Depth Charge tracking program detected the purchase of 2,000 March 65 puts for $5.15. Volume dwarfed previous open interest was just 40 contracts, which indicates a new position was initiated.
Puts lock in the price where investors can sell the casino stock, so they appreciate in the value when shares decline. It may be an outright bearish play, but is more likely being used as a hedge on a long position, protecting another push lower. (See our Education section.)
LVS rose 1.38 percent to $69.06 in morning trading after touching $66 on Thursday. It's down from above $75 in late July and $88 in early March.
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