Options Flow Summary: PRAA
Portfolio Recovery Associates Inc (PRAA)
Options on PRAA are trading 9 times its average daily volume today with the flow dominated by put sellers. Unusual high option volume has also been noted on 7/24 and 7/23 . This was in front of earnings which were released this morning.
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While the distressed-debt management company has certainly had a nice run over the past ten months, from $38.75 to $65.66, some traders might have felt that the near term upside was limited. Earnings announced today were as expected. However, market participants needed better than expected news to support both this run and outlook for the next quarter. The stock is down $7.11 today, about 11.60%, so hats off to those that sold.
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About Ellen Spiro
Ellen Spiro brings nearly 20 years market experience to her position as Vice President of Sales & Marketing of Trade Alert, LLC. Her background includes Fixed Income Derivatives trading at Deutsche Bank and starting up a similar desk at West Deutsche Landesbank as well as securities industry consulting for Coopers & Lybrand. Her current role puts her in direct contact with many of the largest participants in the equity derivatives field.
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