Shares of Guess? (GES) are trading lower on the session by 4.87%, at $24.63. The company announced a management shakeup last night, which has sparked a downgrade to Hold from Buy at Jefferies.
With shares bouncing off of a fresh 52-week low, upside calls are active on GES today. A short while ago the March 2013 $26.00 call was purchased 3,980 times, on the offer, for $1.50. There was a flurry of small and medium lot purchases on the strike minutes before this trade hit the tape; they were all purchases on the offer as well.
With volume now pushing over 6,800 contracts and open interest of just 54, it is clear that this is fresh positioning.
30-day implied volatility is popping 9.7% today to 40.91%, while 10-day realized vol is registering 44.72%.
Guess?, Inc. designs, markets, distributes and licenses apparel and accessories for men, women and children.