Paper bought a MTZ Jul 39-24 put spread for as low as 1.07 and as high as 1.20.
MasTec Inc., trading 40.15 (down 2.95) with an IV30 of 34.65 up 2.20% and an HV10 of 32.67 is seeing bearish put spreads trade.? The stock with an ADV of 760 and an OI of 11,000 contracts? saw a customer buy just over 3,700 of the July 39 puts for as low as 1.43 and as high as 1.60,? the bulk trading 1.53 2900 times.? Against this, the customer sold the July 34 puts at varying prices the largest block being just over 2900 at .40. Net, the customer bought a put spread for as low as 1.07 and as high as 1.20, the large block being a price of 1.13.
This appears to be a customer that is setting up a hedge against further downside in MTZ.? The stock has had a rough go today and is down $7 since reporting excellent earnings earlier in the month. The stock has broken the 50DMA and the customer is afraid that the underlying might run lower between now and July expiration.
This trade should be considered bearish the underlying and bullish volatility.