January 24, 2013 at 14:30 PM EST
Option Bears Blitz Cirrus Logic
Option bears converged on Cirrus Logic Inc. (NASDAQ:CRUS) on Wednesday with traders gambling on a sympathy swoon for the Apple Inc. (NASDAQ:AAPL) supplier. By the time the dust settled CRUS had seen close to 6 400 puts cross the tape -- more than doubling its average single-session volume. Most popular was the February 30 put which saw more than 1 500 contracts change hands at a volume-weighted average price (VWAP) of $2.51. The bulk of the puts crossed at the ask price and nearly all of the action translated into new open interest hinting at buy-to-open activity. By purchasing ...
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