FTI Consulting finished the week not far off its recent highs, while a large option trade is focusing on volatility of the business consultancy's shares.
FCN rose 1.24 percent on Friday to $43.36 as it headed back toward resistance that proved significant for the last two months. Shares were down at support around $34 in September and hit a 52-week high of $44.09 in early December.
optionMONSTER's systems show that 10,865 FCN contracts changed hands on Friday, dwarfing its daily average of 373. Almost all of this volume was in the June 31 puts, where a trader sold 10,000 contracts for the bid price of $0.50 on a wide spread. The previous open interest was just 316, so this was a new opening position.
Just after the options traded, a block of 60,000 FCN shares was sold short for $42.93. That was the largest stock trade of the day by a factor of 4. The overall position combining stock and options makes this trade delta-neutral , focusing on future volatility instead of the direction of the shares. (See our Education section)
More From optionMONSTER
European stocks rose for a third straight session on Monday and the euro bounced back from two-year lows, as Greek …
There are no comments yet