A trader is looking for a big move in Nike as it trades at multi-month lows.
NKE is up fractionally at $99, a day after posting its lowest close since mid-January. The selloff in shares of the athletic-apparel giant, which had climbed above $114 in early May, has accelerated in the last two weeks.
A trader bought 3,000 June 95 puts for $1.21, optionMONSTER's Depth Charge shows. Open interest at the strike was just 107 at the start of the day, so this is a new position.
Less than two minutes after the options changed hands, the largest stock print traded with 84,000 shares bought for $98.9214. The stock position combined with the option would create a delta-neutral position that could profit with NKE sharply higher or lower. (See our Education section)
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Bulls think Nike still has room to run
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The global maker of athletic clothing and footwear is now pausing near a record high, propelled by strong earnings in December and March.
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