Today, the TDW July 7.5 puts have seen more trading than the entire open interest in the name.
Tidewater Inc., trading 8.57 (up .02 on the day) with an IV30 of 97% and an HV10 of 111%, is seeing aggressive put action today.? The stock, which trades by appointment, has an ADV of 340 and OI 6250.? Today, the July 7.5 puts have seen more trading than the entire open interest in the name.? Customers are buying these puts from .80 up to .90, with the largest trade being 4500 of these puts trading for .90. As of this writing, over 10,500 of these have traded (and continue to trade).
This stock has been up nicely the last few days and from time to time will see a single large block of this stocks options trade.? This is likely one customer with a large stake in TDW that is looking to hedge or position him or herself in the stock in one direction of another.?
The trade should be considered bearish TDW and bullish volatility in the underlying.