Unusual Options Activity in Lennar Corporation (LEN)

Today, November 18, 2021, among the underlying components of the NYSE, we saw unusual or noteworthy options trading volume and activity in Lennar Corporation, which opened at $111.52.

There were 5,133 contracts traded on the $115 strike call option, bought to open at the ask, dated for December 17th, 2021.

Additionally, there were 1,540 and 3,593 contracts in two orders, totalling 5,133 contracts, traded on the $120 strike call option, sold to open at the bid, and for the same date.

These contracts altogether represent a call debit spread, approximately 1,026,600 shares and $1,846,000 in premium traded.

These orders come after Simply Wall St established that:  “Lennar's earnings per share have taken off like a rocket aimed right at the moon.“

The above reveals that even though these orders were split up, this is a symmetrical trade, and a call debit spread with its expected capped possible profits and limited downside risk.

To view more information about LEN's daily flow breakdown, click here to visit unusualwhales.com.

Unusual Options Activity in Hertz Global Holdings, Inc. (HTZ)

In the market capitalization-weighted index NASDAQ Global Select Market Composite (NasdaqGS), we saw unusual or noteworthy options trading volume and activity today in  Hertz Global Holdings, Inc. (HTZ), which opened today at $23.15.

There were 2,000 contracts traded on the $20 strike put option, dated for December 17th, 2021, bought at the ask.

Additionally, there were 3,000 contracts traded on the $30 strike call option, for the same date, traded at the bid.

This strategy is a type of ratio spread as a synthetic short, if and only if the calls were sold to open, but as that chain’s open interest was higher than the volume, that cannot be ascertained.  These contracts represent approximately 500,000 shares and $450,000 in premium traded.

These orders after Mr. Nathan Gomes of Reutersreports reported that Hertz Global Holdings, Inc. is planning to raise $1.5 billion through a senior notes offering in its first capital raise since emerging from bankruptcy protection in June..

Again, it cannot be ascertained if the short side calls on the $30 strike were in fact sold to open, but if they were, this is how the strategy would be visualized prior to the short side expiration, on December 17th, 2021.

To view more information about HTZ's flow breakdown, click here to visit unusualwhales.com.

Unusual Options Activity in International Game Technology PLC (IGT)

Finally, and again in the NYSE, we saw unusual or noteworthy options trading volume and activity today in International Game Technology PLC (IGT), which opened at $29.63.

There have been a series of call contracts being purchased and sold on the $31 and $41 strikes, all with volumes above their open interest, dated for January 21st, 2021 and April 14th, 2021.

Be mindful!  

International Game Technology PLC has its ex-dividend date set for November 22nd, 2021; as such, deep in the money call options being bought and exercised prior to that date is common, and often can be disregarded when conducting flow analysis.

That being said, there are other reasons for deep in the money call action, which we have reported on here.

Furthermore, these orders come after International Game Technology PLC reported its Q3 earnings.

As of this writing, International Game Technology PLC has had 30,935 calls traded which is 164% greater than its 30-day call volume average.

To view more information about IGT's flow breakdown, click here to visit unusualwhales.com.

For more information on unusual options activity, subscribe to the Unusual Blog or visit unusualwhales.com.