Genworth (GNW) is down 10 cents to $9.46 and implied volatility is moving higher ahead of the company’s Oct 29 (after market) earnings release. 33K calls and 37K puts traded so far, or about 2X the average daily. The top trade is a lot of 9000 Nov 8 puts at the offer for 40 cents. It looks like an opening buyer. Plus, it coincided with 6000 Nov 10 puts on the bid for $1.20 and might therefore be a roll down in strikes. Meanwhile, implied volatility (average) is moving up to 92.4, from 80.6 late yesterday, as players brace for Thursday’s earnings release.
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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.