Options traders are betting the clothing retailer's shares could drop by over 11% after its Thursday earnings report, bets largely fueled by the stock's higher-than-usual implied volatility, says longtime market-watcher Mike Khouw.
The most active trades were purchases of the $15.50 weekly puts expiring this Friday, he said Wednesday on CNBC's"Those were trading for about 40 cents," Khouw said. "So, buyers of those puts are betting that that implied move is going to be at least that magnitude to the downside, possibly larger."Other experts were generally in agreement with the options market.
OptionsAction With traders anticipating an 11% drop for Gap, equilarinc notes that CEO Arthur Peck was awarded $20,793,939 pay package in 2018. $GPS execpay corpgov
OptionsAction whew, glad options don't have counterparties and just come from the big options warehouse
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