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Limited gains seen in SunEdison
A large trader apparently believes that gains will be limited in silicon-wafer producer SunEdison.
optionMONSTER systems show that a block of 5,200 June 23 calls was sold for $1 this morning. This is clearly a new position, as open interest in the strike was a mere 90 contracts before the trade appeared.
These calls weren't tied to any trading in the underlying stock identified by our scanners today, so they could have been sold naked with an initial bearish bias. But it is more likely that the contracts were sold against an existing long position in a covered-call strategy , which is bullish up to the $23 strike price but not beyond. (See our Education section)
SUNE is off fractionally to $19.92 this morning. Shares posted a five-year closing high above $21 a month ago but tested support at $17 going into last week.
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