Second day of large put buys in Ford ahead of earnings
Second day of large put buys in Ford ahead of earnings. 35K Jun 7 puts opened Friday, including a 15K lot for 26c on ISE. A customer bought the puts, according to ISEE data, and open interest is now the fifth largest in the name at 35K contracts (nearly half of the total OI in Ford dropped off after the January expiration Friday). Players are now showing interest in Mar 8 puts, with 35.8K trade and a buyer paying 25c per contract for a 20K lot, tied on a 32 delta. Separately, 15K Jan21 10 calls print 70c on ISE and is an opening writer, according to ISEE data. Meanwhile, with shares down 8c to $8.50 and earnings looming after the bell tomorrow, 30-day implied volatility ticked up 2.5% to the 87th percentile of the 52-week range at 35%.