Investors with a lot of money to spend have taken a bearish stance on Eaton Corp ETN.
And retail traders should know.
We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with ETN, it often means somebody knows something is about to happen.
So how do we know what these investors just did?
Today, Benzinga's options scanner spotted 12 uncommon options trades for Eaton Corp.
This isn't normal.
The overall sentiment of these big-money traders is split between 16% bullish and 83%, bearish.
Out of all of the special options we uncovered, 3 are puts, for a total amount of $170,450, and 9 are calls, for a total amount of $639,935.
Predicted Price Range
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $100.0 to $280.0 for Eaton Corp over the last 3 months.
Volume & Open Interest Development
Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for Eaton Corp's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Eaton Corp's whale trades within a strike price range from $100.0 to $280.0 in the last 30 days.
Eaton Corp 30-Day Option Volume & Interest Snapshot
Significant Options Trades Detected:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| ETN | CALL | TRADE | BEARISH | 01/17/25 | $100.00 | $147.0K | 2 | 0 |
| ETN | CALL | SWEEP | BEARISH | 01/17/25 | $100.00 | $132.2K | 2 | 19 |
| ETN | CALL | SWEEP | NEUTRAL | 04/19/24 | $280.00 | $83.3K | 82 | 567 |
| ETN | PUT | TRADE | BEARISH | 03/15/24 | $250.00 | $78.2K | 3 | 76 |
| ETN | CALL | SWEEP | BEARISH | 01/17/25 | $250.00 | $59.3K | 537 | 7 |
About Eaton Corp
Eaton is a diversified power management company operating for over 100 years. The company operates through various segments, including electrical Americas, electrical global, aerospace, vehicle, and eMobility. Eaton's portfolio can broadly be divided into two halves. One part of its portfolio is housed under its industrial sector umbrella, which serves a large variety of end markets like commercial vehicles, general aviation, and trucks. The other portion is Eaton's electrical sector portfolio, which serves data centers, utilities, and the residential end market, among others. While the company receives favorable tax treatment with its Ireland domicile, most of its operations are in the U.S.
After a thorough review of the options trading surrounding Eaton Corp, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
Eaton Corp's Current Market Status
- Currently trading with a volume of 605,113, the ETN's price is down by 0.0%, now at $244.6.
- RSI readings suggest the stock is currently may be approaching overbought.
- Anticipated earnings release is in 10 days.
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Eaton Corp with Benzinga Pro for real-time alerts.
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