New York Times Trader Buys $600,000 Hedge Before Earnings Report
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A trader paid $600,000 to protect against losses in New York Times Co. shares yesterday ahead of the newspaper publishing company’s earnings report next week.
Some 10,000 puts to sell shares of Times Co. at $10 by January changed hands yesterday. The options traded at the ask price of 60 cents and exceeded open interest of 1,105 outstanding contracts from Oct. 17, indicating a buyer of a new bearish position initiated the transaction. The shares rose 2.8 percent this week.