Heavy trading in Apple as the sell-off accelerates and implied volatility spikes
Heavy trading in Apple as the sell-off accelerates and implied volatility spikes. The stock down $6.95 to $165.85 and has shed almost 7% since Tuesday. Share volume is 42M and running at roughly double the normal pace. In option action, players active in expiring Apr 170 calls, which are significantly out of the money after the drop in shares today and where more than 70K have changed hands. Apr 165 puts, Apr 167.5 calls, and Apr 167.5 puts are next most active. Meanwhile, the largest trade is 9K May 165 - 175 put spreads at $5.95 and likely rolls long puts down 5 strikes after today's 4% skid in shares. Lastly, 30-day implied volatility up 15.5% to 32.5 and in the 98th percentile of the 52-week range, with earnings slated for 5/1.