McKesson fell with the rest of the market yesterday, but one
investor sees little risk of a major drop.
optionMONSTER's tracking programs detected the sale of 7,500 August
100 puts for $2.80. Volume was almost 7 times previous open
interest at the strike.
The trader is now obligated to buy shares in the pharmacy-benefits
company for $100 if they're below that level on expiration this
summer. Including the credit earned, the cost basis would be
$97.20. If it remains above $100, the puts will expire worthless,
and he or she will keep the $2.80. (See our
section for more on
MCK fell 1.02 percent to $107.25 yesterday but is up 18 percent in
the last six months. It's been trending steadily higher for years
and hit an all-time high above $110 last month.
Total option volume was 10 times greater than average in the
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