Puts Bought in MGM
MGM Mirage (NYSE: MGM) is rocketing higher again today, up over 10% on the session to $14.75. The stock was recently touted by Goldman Sachs and had been rallying ever since, in part, no doubt, from the sizeable short interest (31.35%). Flurries of options have been trading all session and the current put/call ratio is 1.2. The largest trade on the day has been the purchase of the September $12 put 15,000 times in a single block for $1.27. The trade occurred on the offer and is more than 5x the open interest on that strike.
MGM Mirage continues to renegotiate debt and battle with a recessionary travel environment, though some good news came out of the Nevada Gaming Commission today when they said that gambling wins, a measure of how much money casinos generate from gambling, was up by 14% in February for the whole state and up 33% for “Strip” casinos.
