Leap Wireless (LEAP) loses 9 cents to $10.84 and options volume is 5X the average daily, being driven by a Nov 11 – April 10 put spread, apparently bought at 42 cents, 5000X at 10:10 on PHLX. The strategist apparently sold 1,000 Nov 11 calls at 49 cents as well and might be looking for shares to hold around $11 through the November expiration (23 days) and then fall below $10 through the April expiration. Earnings will come into play on Nov 2 (after market).
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.