Far downside put buyers in Coty Inc as implied volatility moves higher
Far downside put buyers in Coty Inc as implied volatility moves higher. The stock down 12c to $15.64 and small lots of May 12 puts trade from 51 to 54c before 8.5K print for 55c on PHLX. 11.1K trade that that strike, which is 23.2% below spot. Jan 13 puts trade 1.8K and a Nov 15 - 16 strangle for $1.33 (or possibly risk-reversal). Meanwhile, 30-day implied volatility up 3.5% to 52-week highs of 48.5, with earnings expected 11/9.