Long-term put buying is targeting casino names MGM Resorts and Boyd Gaming today.
optionMONSTER’s Depth Charge system shows that a single print of 10,000 January 2016 17 puts were bought in MGM for the ask price of $0.70. A few minutes later, 11,000 January 2016 8 puts were bought for the ask price of $0.95 in BYD.
The put buying isn’t tied to any stock trading in either name this morning, so these could be outright bearish plays by one large player. Some traders like to use long-term puts instead of shorting shares to reduce the overall risk.
— Option Monster