Show of support in General Growth
A large trader apparently believes that downside potential is limited in General Growth Properties.
optionMONSTER's tracking programs detected the sale of 4,000 November 24 puts in one print for $0.41 yesterday. There was no open interest in the strike before the trade occurred, showing that it is a new position.
Short puts lock in a price where investors must buy a stock, while letting them collect premium. Traders use the technique when they like a stock and think that the risk of a big drop is limited. (See our Education section)
GGP fell 1.62 percent to $26.10 yesterday and is down 12 percent in the last three months. The mall operator and real-estate investment trust is scheduled to report earnings after the close on Oct. 31.
Overall option volume was 6 times greater than average in the name yesterday.
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