With the stock market deep in the red today, thirsty traders used it as a buying opportunity. And the most unusual upside trade perhaps came in Coca-Cola KO – NYSE when 10,000 KO November 44 calls crossed the tape.
At $1.52 per contract, $1.52 million in options premium was outlaid. To pay off, KO needs to increase 3.6% to the break-even price of $45.52 by expiration.
Like all consumer staples stocks, KO is known to move slow but should the current uptrend continue then clearing this threshold seems feasible. If so, our customer will drink in $1 million for every dollar KO rises above break-even.
CEO Buys $1 Million of Own Stock: “I believe in putting my money where my mouth is,” he said after making such a public splash. And to back it up, he just delivered the best Q1 in company history. Click here to get the stock.