A trader apparently believes that any downside in Leap Wireless will be limited through next spring.
optionMONSTER systems detected the sale of 5,000 April 13 puts for $0.36 this morning. This is clearly a new position, as there was no open interest at that strike before the trade appeared.
The put selling is a bet that LEAP will hold above $13 through expiration in mid-April 2014. The trader is also taking on the risk of having to buy shares if they fall below that strike price.
LEAP is up fractionally today at $15.79. The wireless carrier hit a high of $17.51 in mid-July after gapping up from $8 a few days earlier.
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