A large trader is betting that Pepsico will hold firm in coming weeks.
optionMONSTER systems show that 2,600 September 91 puts were sold in one print for the bid price of $0.60 this morning. The previous open interest was just 657, so this is clearly a new position.
The put seller is looking for PEP to stay above $91 through expiration in mid-September. The trader takes on the risk of having to buy shares if they are below that strike. (See our Education section)
PEP is down $0.17 to $92.41 today. The beverage and snack company was at an all-time high of $93.51 on Tuesday and last closed below $91 on Aug. 8.
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