Long-term downside play in Best Buy
Mike Yamamoto | firstname.lastname@example.org
BBY slipped 0.9 percent to $22.04 on Friday. The electronics retailer was trading above $27 less than three weeks ago.
More than 3,000 January 2014 13 puts were bought Friday against open interest of 1,291 contracts. The largest print of 2,650 went for $1.50, according to optionMONSTER's Depth Charge program.
These puts will turn a profit if the stock is below $11.50 upon expiration in 21 months.
The company is scheduled to release its next earnings results on May 22.