Coach (COH) loses $2.13 to $51.87 and options volume is running 2X the daily average, being led by a bearish three-way. The strategist sold 1200 Nov 57.5 calls to buy the Nov 50 – 43 put spread, 1200X. 30 cents was collected on the package and is possibly a bet that shares of the luxury goods company will continue fo feel the weight of a slowing global economy. COH rallied in the early days of July and hit a 52-week high of more than $69 on the 7/7. The gains didn’t last, however, and the stock is set to finish the quarter down 18.7 percent.
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.