Speaking to Benzinga, TD Ameritrade Chief Strategist JJ Kinahan noted that a significant Put spread was bought Wednesday on Lennar Corporation LEN.
The spread was at the March $48 and $50 strike prices with volume at approximately 5 times above a typical trading day.
According to Kinahan, the Put spread could be used to play a downward move on the stock.
Kinahan pointed out that the stock was just off its 52-week high of $51.51.
The company will report Q1 earnings Thursday ahead of the market open.
Ahead of the earnings announcement, Lennar Corporation closed at $49.71 Wednesday, up 1.76 percent.
Kevin Riley and Brianna Valleskey contributed to this report.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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