Options Traders Ride Harley-Davidson Hard
"Fast Money" Contributor
The economic crisis has been steadily pounding Harley-Davidson's shares lower by the day, and now traders are aggressively buying puts as well.
Options activity accelerated Wednesday afternoon, as traders bought the April 7.50 puts in large numbers for $0.75, according to OptionMonster's tracking systems.
HOG's stock dropped to a new 52-week low of $8.72 in intraday trading, and the put buying intensified even after the shares pulled off that bottom as the rest of the market rose.
The shares closed yesterday at $8.90, down 3.89 percent for the day. (See ticker above for today's real-time prices.) HOG hit its high of $48.05 on Sept. 19 as the global financial turmoil was just beginning.
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