TD Ameritrade Chief Strategist On Lennar Ahead Of Earnings

Speaking to Benzinga, TD Ameritrade Chief Strategist JJ Kinahan noted that a significant Put spread was bought Wednesday on Lennar Corporation LEN.

The spread was at the March $48 and $50 strike prices with volume at approximately 5 times above a typical trading day.

According to Kinahan, the Put spread could be used to play a downward move on the stock.

Kinahan pointed out that the stock was just off its 52-week high of $51.51.

The company will report Q1 earnings Thursday ahead of the market open.

Ahead of the earnings announcement, Lennar Corporation closed at $49.71 Wednesday, up 1.76 percent.

Kevin Riley and Brianna Valleskey contributed to this report.