Paper sold 12,500 INAP Oct 3 calls tied to stock. An hour later, paper sold 22,000 more of the Oct 3 calls at .60. ?
Internap Corp., trading 2.96 (up .33) with an IV30 at 74.62 with an HV10 of 71.56, saw a large block of calls trade in October.? A customer first sold 12,500 of the Oct 3 calls at .65 tied to stock.? Then an hour later, the customer sold 22,000 more of the Oct 3 calls at .60.? There were other smaller sales at varying levels throughout the day that were not tied to stock.? Both large blocks were tied to stock.
This appears to be a customer taking advantage of the large pop in INAP (up 12% today) thinking that the stock does not have much father to run over the next 7 months.? The customer is thinking that INAP will be range bound with a top of about 3.60 or 2.40.
This trade is mildly bearish the underlying an aggressively bearish volatility.