Sina sees put selling ahead of earnings
Mike Yamamoto | firstname.lastname@example.org
optionMONSTER's systems detected the sale of 2,550 August 45 puts for $0.59, compared with an average daily volume of just 310 contracts at that strike. Open interest at the beginning of the session was 2,237 contracts, indication that this is a new position.
SINA is down 0.44 percent to $51.54. The Shanghai-based online media company has been beaten down along with other Chinese stocks, losing 55 percent of its value since last September.
Today's put seller is betting that the stock will be above the $45 strike price at expiration at the end of Friday's session. The company, which operates the popular micro-blogging service known as Weibo, is scheduled to release its second-quarter results after tomorrow's close.