Unusual action in Skechers (SKX) late Wednesday. Shares hit a low of $33.69 midday and are now up $1 from those lows, but also down $1.31 to $34.76 on the session. 22K calls and 4835 puts traded in the name, which is 8X the norm. One player appears to have bought the Aug 36 – 40 call spread at $1.22, 1445X on ISE. This might be a roll down in strikes and has traded multiple times. The October 40 and 50 calls are seeing interest as well, perhaps closing trades as shares lose ground Wednesday. No news on the stock. Earnings expected around the 22nd. Implied volatility is up about 5 percent to 65.5.
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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.