Market News

September 17, 2013  Tue 11:07 AM CT

Traders are looking for a floor in shares of TripAdvisor.
 
More than 3,500 December 70 puts have changed hands in volume far above the strike's previous open interest of just 422 contracts, indicating new activity. The largest block of 2,308 was sold for the bid price of $5.

The put selling is a bet that TRIP will remain above $70 through expiration in mid-December. The trader is also taking the risk of having to buy shares if they are below that level. (See our Education section)

TRIP is off fractionally to $72.54 in midday trading. The travel-review service reached a high of $82.20 a month ago but was below $70 the next week.

More than 5,100 TRIP options have changed hands so far, triple its daily average for the last month.
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