Hertz (HTZ) is drifting 6 cents lower to $11.93 on light volume of 1.3 million shares. Yet, options on the auto rental company are active today. 7,350 calls and 1,800 puts so far. The action includes a multi-exchange sweep of 1,300 July 14 calls for 50 cents when the market was 40 to 50 cents. An 1,100-lot traded for 55 cents on ISE and data from the exchange is reporting an opening buyer. 6,240 Jul 14 calls now traded on the stock and 30-day ATM vols are moving up 1 percent to 73. Some investors are possibly looking for a rebound after the 26.1 percent loss suffered in HTZ shares since earnings were reported on 5/2. Short inteest might be a factor as well. The short (as percent of float) ratio is 12.1 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.