ServiceNow Draws Bearish Play

As shares of ServiceNow fall today, one trader is positioning for further downside in the cloud-based service provider.

Nearly 8,500 NOW options have changed hands so far, compared to a daily average of 1,184 in the last month. Almost all of the action is in one trade.

optionMONSTER’s Depth Charge system detected the purchase of 4,000 April 60 puts for the ask price of $1.50 in volume far above previous open interest of just 153 contracts, clearing indicating a new position. Seconds later, the trader sold 4,000 March 65 puts for the bid price of $0.90 in volume below open interest of 5,120 at that strike.

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