FleetCor Tech draws call selling
Chris McKhann | firstname.lastname@example.org
optionMONSTER systems detected the sale of 4,962 October 120 calls for the bid price of $0.10 on a wide bid/ask spread. The previous open interest was just 210 contracts, so this is clearly a new position.
These calls could have been sold naked with an initial bearish bias. But they were more likely traded against long shares in a covered-call position, which would be bullish up to the $120 strike price. (See our Education section)
FLT is down 0.44 percent to $111.55. The stock has more than doubled in the last year from $45 and reached a high of $113.68 last week.
More than 5,000 FLT options have traded, compared to the daily average of just 338 over the last month.