Sysco Corporation (SYY) is a distributor of food products in North America. The company’s stock is currently trading around $40.10 in a 52 week range of $34.07-$40.60. The stock has been performing well this year with shares rallying more than 11% year to date. A large options order hit OptionHacker today in SY that turned out to be a big winner.
Earlier today a trader bought 1,005 Dec 40 calls for $0.50 and this order hit OptionHacker at 11:46 CT with stock trading at $39.94. After this order hit the tape SYY stock popped and traded as high as $40.48. These calls move higher with the stock and a trader who was fast enough to get into this position could have captured some nice profits.
Trade: Risking $1,000
Buying 20 of the SYY Dec 40 calls for $0.50
Risk: $1000
Reward: Unlimited
Breakeven: $40.50
These calls traded as high as $0.80 on the day meaning a trader could have made $600 on $1000 worth of risk in a matter of minutes.
Regards,
Andrew Keene
KeeneOnTheMarket.com
