$jcp today# Stock
x*s
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JC Penney (JCP) has come under renewed selling pressure and is down 62 cents
to $7.24, new lows, in active trading of 30 million shares. Options action
is picking up as well. 44K calls and 81K puts on the retailer so far. Spread
trading is driving higher volumes in the Nov 7 – 8 puts, which are the
most actives. The activity appears to be rolling of bearish positions from
now in-the-money Nov 8s down to the Nov 7 strike. More than 24,200 Nov 7
puts traded in JCP. Oct 7.5 calls, Oct 7 puts, Nov 9 puts, Jan 8 puts and
even Nov 5 puts on the stock are drawing interest, while 30-day implied
volatility in the options moved up 15 percent to 84.
to $7.24, new lows, in active trading of 30 million shares. Options action
is picking up as well. 44K calls and 81K puts on the retailer so far. Spread
trading is driving higher volumes in the Nov 7 – 8 puts, which are the
most actives. The activity appears to be rolling of bearish positions from
now in-the-money Nov 8s down to the Nov 7 strike. More than 24,200 Nov 7
puts traded in JCP. Oct 7.5 calls, Oct 7 puts, Nov 9 puts, Jan 8 puts and
even Nov 5 puts on the stock are drawing interest, while 30-day implied
volatility in the options moved up 15 percent to 84.