Cognizant Tech (CTSH) is off $1.88 to $59.12 and early options trades on the Teaneck, NJ business software company include a 2872-lot of July 55 puts for $1.75 per contract on ISE. It’s an opening buyer, according to ISEE data. 4723 now traded and 30-day ATM vols are moving up 12.5 percent to 36. Bearish flow comes a few weeks after the stock gapped down and lost 19.2 percent on May 7 following an earnings miss. It has moved up about 5.1 percent off those multi-month lows.
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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.