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2,500 Earning Expiration Puts Trade in Westlake Corporation (Symbol: WLK)

OptionWatch:

2,500 Earning Expiration Puts Trade in Westlake Corporation (Symbol: WLK)

Posted September 30, 2024 at 10:15 am
Jeff Praissman
Interactive Brokers

This morning 2,500 November 15 ’24 130 puts traded in Westlake Corporation (Symbol: WLK) for an average price of $1.48, almost fair market between the NBBO of $0.85 / $2.15. At the time of the trade WLK stock was trading for $149.71. This was an opening trade since the open interest in the WLK puts was less than 25 contracts this morning.

The WLK November puts expiration falls after WLK expected earnings release between October 31 and November 1st. WLK has outperformed earning estimates in four of the past eight cycles.

WLK has outperformed earning estimates in four of the past eight cycles.

Source: IBKR TWS. Past performance is not indicative of future results

The puts are a 12.5 delta, so this trade is the equivalent of 31,250 shares of stock. The investor may be hedging a long stock position against a downside move or speculating that WLK will decrease after earnings.

WLK is currently trading for $149.48. WLK has a 52-week high of $162.03 and a 52-week low of $111.60.

WLK is currently trading for $149.48. WLK has a 52-week high of $162.03 and a 52-week low of $11.60.

Source: IBKR TWS. Past performance is not indicative of future results

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Disclosure: Options Trading

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