AT&T (T) hit a 52-week high this morning, but gave up early gains and is down 32 cents to $34.24. Interesting options trades on the stock include an Oct 27 – Jan 34 put spread, bought for $2.21, 17300X, to open. In this diagonal spread, the strategist bought 17300 Jan 34 puts and sold 17300 Oct 27 puts. They might have a bearish view on the stock through yearend, but don’t expect to see a move below $27 (~21.1%) through the October expiration.
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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.