Options Trading News

A huge option trade is betting on a floor beneath Comcast's shares, which have risen to levels not seen in nearly five years. 

Nearly 18,200 March 28 puts changed hands in a 4-minute span yesterday afternoon, including a single print of 12,372 that was sold for $0.41, according to optionMONSTER's Depth Charge system.

The open interest at the strike had been just 2,330 contracts, indicating that these are new positions. The trades pushed CMCSA's total option volume to 4 times its daily average.

CMCSA rose 0.44 percent to $28.65 yesterday. Comcast had been climbing steadily since the beginning of the year and gapped up to an intraday high of $29.05 on Wednesday morning after a strong earnings report. It was the first time that the shares have traded above $29 since July 2007.

Yesterday's put seller apprently believes that the stock will stay above the $28 strike price by expiration in mid-March. If CMCSA falls below that level, the trader will be required to buy the shares but will still keep the $0.41 credit from the put sale. (See our Education section)