Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
A seemingly sure-fire M&A play just a few months ago, shares of Kate Spade & Co (NYSE:KATE) have recently been on a sobering drift lower.
An April 3 Reuters report suggesting Kate Spade's Board needed more time to negotiate a deal following a low-ball offer from Coach Inc (NYSE:COH) sent shares tumbling about 15 percent.
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The decline in the stock price was furthered Tuesday after the company posted first-quarter results and said a review of strategic alternatives "is proceeding in a timely manner." The company's Board disclosed it has not yet set a definitive timetable for the completion of its review.
Kate Spade shares closed down more than 6 percent at $18.16.
The move lower Tuesday erased all of the gains since early February, when a takeover deal seemed imminent.
Investors in the stock who may be growing concerned, don't fret. There is at least one factor in Kate Spade currently offering some promise for a decent takeover premium: options activity.
So far in the 11 trading days of April, Benzinga Pro had alerted users to unusual and bullish option activity in Kate Spade contracts four times.
- On April 10: a call betting 50,000 shares at $0.32 that the stock will trade above $19.50 before May 23.
- On April 12: a call betting 100,000 shares at $0.50 that the stock will trade above $19.61 before April 20.
- On April 13: a call betting 200,000 shares at $1.148 that the stock will trade above $19.34 before May 20.
- On April 18: a call betting 115,000 shares at $1.051 that the stock will trade above $20.05.
Options can be a useful way to hedge against core portfolio stock holdings and can provide major leverage for short-term trades; They can also be extremely volatile and risky.
For traders that understand the risks associated with option trading, options can be a useful and profitable trading tool.
Elizabeth Balboa contributed to this report.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.