This is likely a hedge set up against a long stock position in THC, as the customer is hedged in THC down to $13 per share.?
Tenet Healthcare Corp., trading 25.60 (up .80) with an IV30 of 57.65 and an HV10 of 67%, saw a large put 1 by 2 trade.? The stock, with an ADV of 2600 and an open interest of 47,000 contracts, saw a trader put up the Aug 24/17.5 put 1 by 2 in size.? The trader bought 12,000 of the August 24 puts for 3.275 and sold 24,000 of the August 17.5 puts at 1.10 for a net debit of 107.5 per spread.?
This is likely a hedge set up against a long stock position in THC.? The customer is hedged in THC down to 13 buck per share.? A level THC has not seen in a while.? This is likely a hedge, because of the month selected, August which has a significant amount of time to expiration.
This trade should be considered mildly bearish THC and bearish THC volatily.