International Game Technology (IGT, news, chart) put options are active just a few days after IGT was infected with dubious takeover chatter. Tuesday, a total of 16,000 IGT calls traded, or more than ten times the number of put options. However, shares didn’t react and are now down 7.6 percent from Tuesday’s close. Today, shares are up 13 cents to $30.49 and total volume is running three times the normal. However, put volume is outpacing call activity by a ratio of ten to one. The June 30, July 30, Jan 30, Jan 25, and Jan 35 puts are the most actives, with roughly three quarters of today’s trading hitting on the offer side. Directional sentiment based on today’s total volume is 66 percent bearish.
About the Author (Author Profile)
Frederic Ruffy is a well-known trader, writer, and strategist who has spent years educating investors and creating intelligent, insightful, unbiased market observations that are frequently cited by the Wall Street Journal and other financial publications. As senior analyst, Fred provides frequent and regular notes and daily updates for activity of interest.