Put Roll in International Game Technology
International Game Technology's (NYSE: IGT) dissapointing Q3 earnings release yesterday has pushed the shares to a new 52 week low of $12.27 and option volume has heated up with a ratio put spread being executed.
It looks like an investor sold 15k October 15 puts at $2.80 and purchased 10k January '13 12.5 puts at $1.40 to open. One has to hope the original put sale was a hedge against a short equity position otherwise a pretty big loss was incured. This morning's spread has pushed IGT's total contract volume to more than 14 times its daily average.
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