One trade makes up all of today's option volume in Fidelity National Financial and appears to be looking for another pop in volatility.
optionMONSTER systems show that a trader bought 5,000 December 20 puts for the ask price of $0.75 on a relatively wide bid/ask spread. The volume compares to a total daily average of 750 and previous open interest of 661 contracts at that strike.
Less than a minute later, FNF's largest block of stock traded as 100,000 shares were bought for $23.95. Combined with the puts, this creates a delta-neutral play that is looking for higher volatility in the stock. (See our Education section)
FNF is down 0.9 percent to $23.71 today and has been in a tight range in the last couple of weeks. The insurance and mortgage company posted an intraday high of $27.17 at the end of May and bounced off support near $22 in late June.
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