A large trade is looking for management-consulting firm Accenture to hold current levels in coming weeks.
More than 7,700 May 77 puts have traded already today, 7 times the strike’s previous open interest and twice ACN’s total daily option volume for the last month. The biggest block of 6,226 contracts was sold for the bid price of $1.15.
The put seller is looking for ACN to hold above $77 through expiration in mid-May. The trader takes on the risk of having to buy shares if they fall below that strike price.
— Option Monster