Lowe's is pulling back from an all-time high today, but one trader is betting that the home-improvement retailer will hold at current levels.
optionMONSTER systems detected the sale of two blocks of 3,000 June 39 puts for $0.88 and $0.87. The previous open interest had been just 894, so that was a new position.
The put selling is a bet that LOW will hold above $39 through expiration in mid-June. If it does not, the trader will face the obligation to buy the shares. (See our Education section)
LOW is down 1.05 percent to $40.38 after hitting a lifetime peak of $41.14 this morning. Shares were below $39 last week and under $32 in November.
Total option volume in the name has already reached 10,000 contracts so far today, topping its total daily average in the last month.
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