3M Company (MMM) is an industrial conglomerate operating in a wide variety of markets and industries. The company’s stock is currently trading around $159.00 in a 52 week range of $123.61-$162.92. The stock has been relatively strong today with shares rallying by 13.15% year to date. The stock has come under pressure over the past week however with shares falling over 2.2% over that time period.
We are seeing some short term bearish options activity in MMM hitting OptionHacker today and one of these trades has proven to be a great day trading winner. Earlier today a trader bought 2,522 MMM Dec 12th Weekly 157.5 puts for $0.39 while stock was trading at $159.63. So far the stock has traded as low as $158.63 and these puts traded as high as $0.65. This has been an extremely profitable trade so far. Another great OptionHacker winner.
Trade: Risking $1,000
Buying 25 of the MMM Dec 12th 157.5 Puts for $0.40
Risk: $1,000
Breakeven: $157.10
These puts have traded as high as $0.65 today meaning that a trader could have made $625 on $1,000 worth of risk in a matter of hours.
Regards,
Andrew Keene
KeeneOnTheMarket.com
