Rite Aid is seeing an interesting combination trade as shares slip this morning.
optionMONSTER systems detected the sale of 15,000 January 4.50 calls for $0.52 and 15,000 January 4.50 puts for $0.43. This appears to be a short-straddle position .
The trader takes in a credit of $0.95, which is the profit range on either side of $4.50 at expiration. (See our Education section)
RAD is down 2.2 percent to $4.67, though it has climbed off the lows of the morning. The drugstore chain was at a high of $5.08 on Tuesday and was below $3 coming into August.
Almost 48,000 RAD options change hands, twice the daily average over the last month.
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