Unusual Option Activity Delta Airlines

With oil getting sold off hard again today, the airline stocks are feeling the benefit. Shares of Delta Airlines

are also seeing some unusual option activity today, with the December 46.50 puts putting up a print through the offer for 15,700 contracts at 1.01. The total dollar amount on the trade was for just over 1.5 million dollars, and the 15,700 contracts was 73.71 times the existing open interest of 213. Delta is holding an Investor Day conference on December 11, so perhaps the buyer of these puts is protecting a large stock position in front of the Investor Day. More likely, with oil on the lows and Delta Air Lines making fresh new highs, it may be a second derivative way to play a rebound in oil prices over the next several weeks.