Las Vegas Sands Topped Out?
March 11, 2010 11:05 AM
Casino operator, Las Vegas Sands (NYSE: LVS), is seeing negative sentiment growing this morning after yesterday’s announcement of Macau’s revenue and net profit. Although the net profit at the Asian casino resorts grew by a not so paltry 69%, it appears that traders are not satisfied and are taking profits in the name. The stock is currently trading $19.43, down 1.52% on the day. In addition to selling the shares, I am detecting some put purchases in the name.
The Las Vegas Sands April $17 puts were purchased in a block of 1,308, on the offer, at the opening bell. Volume on that contract has grown to over 3,000 contracts currently, which surpasses the open interest on the line. Given the stock’s jump from $15.50 to $19.50 in just one month, it would be imprudent for anyone to not take profits here.
