Shares of Starwood Hotels & Resorts Worldwide (HOT) are trading lower on the session by 0.85%, at $52.59. The stock has been moving largely lower over the past five weeks and is currently trading below the 50-day and 20-day moving averages.
One trader is better that shares could be near a bottom and is selling downside. A short while ago the December $50.00 put was sold 3,120 times, on or near the bid, for $1.59-1.61; the spread at the time of the trade was $1.59/1.63. The ?meat? of that trade was a block of 2,583 puts, sold on the bid for $1.59.
Overall put volume is now running at 1.6x the daily average with 4,442 contracts traded.
30-day implied volatility is off 3% today to 28.54%, while 10-day realized vol is registering 27.42%.
Starwood Hotels & Resorts Worldwide, Inc. conducts its hotel and leisure business both directly and through its subsidiaries.