Comcast receives vote of confidence
As Comcast shares bounce today, one trader apparently believes that any downside will be limited.
optionMONSTER systems detected the sale of 4,166 May 39 puts today for the bid price of $0.70. This is clearly a new position, as the volume is more than 4 times higher than the strike's open interest of just 932 contracts before the session began.
The put selling is a bet that CMCSA will hold above $39 in the next month. The trader will face the obligation to buy shares if they fall below that strike price. (See our Education section)
CMCSA is up 0.83 percent to $40.32, a day after posting its lowest close since March 1. The cable giant, which reached a high of $42.61 at the start of the month, was last below $39 before its earnings report on Feb. 12.
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