Today's option activity in International Gaming Technology is almost entirely in one huge put sale.
IGT is up 0.46 percent this morning to trade at $15.38. The maker of casino gaming systems, which were at 52-week lows near $13 a month ago, last week broke above $16 before retesting support at $15.
A trader sold one block of 15,000 October 15 puts for the bid price of $0.95, according to optionMONSTER's systems. Open interest in the strike was just 555 contracts at the start of the day, so is a new position.
The put seller is looking for IGT to hold above the $15 strike price through that October expiration. Given that the stock was at that level just two sessions ago, the trader is clearly willing to buy the stock if assigned--and, in fact, that may be the idea behind the position. The effective buying price would be $14.05. (See our Education section)
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