Giving Up the Ghost in TCO?
There’s not much love in the air for Taubman Centers (TCO) today. The stock is off over 2% heading into the final hour of the session. This lack of loves appears to extend into the options trading as well with a trader giving up the ghost on some OTM September calls. Analysis below:
- TCO SEP 70 calls trading actively today
- Paper sells 4737 in two blocks on the PHLX on splits for $0.725
- The open interest is 7410 – indicating this is possibly a closing trade.
- Further analysis reveals that paper purchased 6843 of these calls back on May 24TH for $1.45. The trader most-likely wagered that TCO would retrace recent highs well north of the 70 strike. Today’s selloff appears to be the final nail in that coffin as the trader is now exiting after losing nearly 50% on his position.