Today’s tickers: CMA, CSCO, ATHN, FIG, CYD, CROX & NUAN
CMA – Comerica Inc. – The financial services firm’s shares declined as much as 4.8% today to touch down at an intraday low of $36.38. One options investor expecting Comerica’s shares to continue to head south ahead of October expiration purchased a plain-vanilla debit put spread. Shares are currently down 3.65% on the day to arrive at $36.82 just before 2:45 pm ET. The bearish player purchased 5,000 puts at the October $36 strike for an average premium of $2.05 per contract, and sold the same number of puts at the lower October $30 strike for an average premium of $0.50 apiece. The net cost of buying the spread amounts to $1.55 per contract. Thus, the investor responsible for initiating the transaction is poised to profit should CMA’s shares fall another 6.4% from the current price of $36.82 to trade below the effective breakeven point at $34.45 by expiration day. Maximum potential profits of $4.45 per contract pad the investor’s wallet if Comerica’s shares plummet 18.5% to slip beneath $30.00 by expiration in October. The surge in demand for options on the stock helped lift the overall reading of options implied volatility on CMA 9.1% to 34.00% this afternoon.
CSCO – Cisco Systems, Inc. – Wary options players are scooping up put options on the maker of switches and routers today with shares of the underlying stock trading lower by 0.95% to stand at $23.94 in late afternoon trading. Investors expecting to see Cisco’s shares decline following the firm’s fourth-quarter earnings report, scheduled for release after the closing bell on August 11, opted to purchase weekly put options expiring on August 13. Traders bought approximately 6,800 put options at the August $23 strike for an average premium of $0.26 apiece. Put buyers make money as long as Cisco’s shares fall another 5.00% from the current price of $23.94 to trade below the average breakeven point to the downside at $22.74 by expiration day.
ATHN – Athena Health, Inc. – Shares of the provider of Internet-based business services for physician practices fell as much as 4.00% today to an intraday low of $25.18. Today’s low point in ATHN shares marks an 11.025% decline in the price of the underlying stock since Monday when shares touched an intraday high of $28.30. Athena Health appeared on our scanners today after one bearish options trader rolled a sizeable put position…
