Trade expects sharp move in Fifth Third
Chris McKhann | email@example.com
Almost all of the day's option volume in FITB is in the May 14 puts. At trader bought 10,000 of those contracts for the ask price of $1.04 in volume that was more than 10 times the previous open interest, according to optionMONSTER's tracking systems.
About a minute later, a block 460,000 FITB shares was bought for $14.21. The combination of the stock and options creates an overall strategy that is delta-neutral, which means that the position will profit if FITB moves sharply higher or lower. (See our Education section)
FITB is down 1.56 percent to trade at $14.19 this afternoon. The banking firm was trading at $13.75 two weeks ago after coming down sharply from at three-year high of $16.16 on Oct. 5.