Exxon Mobil Corporation (XOM), which has earnings tomorrow before the open, is seeing some significant action in July. A customer bought 30,000 of the July 77.5/87.5 put spreads paying 1.89. Looks like the whole trade was a cross because it went up in 1 print (despite being a berry). July IV is low relative to the long term mean of the stock, but in the near term is a bit elevated. This trade was likely a hedge against a significant long stock position. The customer is hedging his or her long stock, but willing to bet that XOM does not drop below 77.5. BE on the PS is going to be 86.61.
