Shares of luxury liner operationRoyal Caribbean Cruises (RCL) are down about 58 percent in the past year. One trader is betting that the stock will further decline in the coming months. That’s based on the September $20 puts. With 77 days until expiration, 19,174 contracts traded compared to a prior open interest of 213, for a 90-fold rise in volume on the trade. The buyer of the puts paid $0.87 to make the bearish bet. The stock last traded for about $36, so shares would need to drop about $16 for the option to move in-the-money. Shares have a 52-week low near $34, so that would rep...

Shares of iron ore producerCleveland-Cliffs (CLF) have shed nearly half their value in the past few months. One trader sees a much bigger decline playing out over the next year and a half. That’s based on the January 2024 $5.00 put. With 568 days until expiration, 10,010 contracts traded compared to a prior open interest of 164, for a 61-fold rise in volume on the trade. The buyer of the puts paid $0.41. Shares recently traded for about $16, so they’d need to fall over two-thirds from here in order for the options to move in-the-money before expiration. Overall, the stock is down ...

Shares of pharmaceutical giantMerck & Co (MRK) are up about 21 percent over the past year, and shares are close to 52-week highs. One trader sees the possibility for a pullback in the coming weeks. That’s based on the September $82.50 puts. With 79 days until expiration, 3,289 contracts traded compared to a prior open interest of 122, for a 27-fold rise in volume on the trade. The buyer of the puts paid $1.04 to get into the short position. The stock recently traded around $94.50, so the stock would need to drop about 13 percent in the coming months for the trade to move in-the-m...

Shares of media giantThe Walt Disney Company (DIS) have slid in recent months along with the overall market. One trader sees a further decline in shares in the coming weeks. That’s based on the July 22 $100 puts. With 24 days until expiration, 5,040 contracts traded compared to a prior open interest of 129, for a 39-fold rise in volume on the trade. The buyer of the puts paid $4.80 to get into the trade. Shares recently traded for about $98, meaning the put options are about $2.00 in-the-money. The stock has a 52-week low of $92. The stock has shed 44 percent in the past year. Ear...

Shares of cryptocurrency mining companyMarathon Digital Holdings (MARA) are down 77 percent in the past year, thanks largely to a decline in the price of Bitcoin. One trader is betting on a further decline through next year. That’s based on the January 2024 $2.50 puts. With 571 days until expiration, 11,496 contracts traded hands compared to a prior open interest of 288, for a 40-fold rise in volume on the trade. The buyer of the puts paid $1.11 to make the trade. Shares recently traded for about $7.00, so they would need to fall another $4.50 for the option to move in-the-money in t...

Shares of oil and gas giantBP (BP) have slid in recent days. One trader sees the possibility for a rebound into the start of next year. That’s based on the January 2023 $31 calls. With 210 days until expiration, 6,511 contracts traded compared to an open interest of 125, for a 52-fold rise in volume on the trade. The buyer of the calls paid $2.10 to get into the trade. The stock recently traded around $28, so shares would need to rise about $3 for the options to move in-the-money in the coming months. That would still leave the stock well under its 52-week high of $34 per share. S...

Shares of online boardPinterest (PINS) have shed 75 percent of their value in the past year. One trader sees the chance for a further decline in the coming few days. That’s based on the July 1 $15 puts. With 8 days until expiration, 19,778 contracts traded compared to a prior open interest of 116, for a 171-fold rise in volume on the trade. The buyer of the puts paid $0.10 to get into the trade. The stock recently traded for around $18, so shares would need to slide about $3, or over 15 percent in the next week for the option to move in-the-money. It would also mark a new 52-week low...

Shares of advertising agencyMagnite (MGNI) have shed two-thirds of their value in the past year. One trader sees further downside going into the latter half of the year. That’s based on the January 2023 $12.50 puts. With 212 days until expiration, 3,950 contracts traded compared to a prior open interest of 131, for a 30-fold rise in volume on the trade. The buyer of the puts paid $4.30 to get in. Shares recently traded for just over $9.50, meaning the options are more than $3 per share in-the-money. The stock has a 52-week low of just over $8.50, a price the shares would have to drop...

Shares of vehicle resale platformCarvana (CVNA) are down over 91 percent in the past year. One trader sees a rebound ahead for the stock in the next 18 months. That’s based on the January 2024 $60 calls. With 577 days until expiration, 10,283 contracts traded compared to a prior open interest of 130, for a 95-fold surge in volume on the trade. The buyer of the calls paid $5.70 to get into the trade. Shares recently traded around $24, so they would need to rally about 150 percent from their current price for these options to move in-the-money. The strike price would still be well unde...

Shares of graphics processing companyNvidia (NVDA) have been knocked down heavily from their highs, and are now down year-over-year. One trader sees a further decline in the coming weeks. That’s based on the July 22 $155 puts. With 32 days until expiration, 16,161 contracts traded compared to an open interest of 213, for a 76-fold rise in volume on the trade. The buyer of the puts paid $11.60 to get into the trade. Shares last traded for about $156, so this is an at-the-money trade. Shares will need to drop at least $10 for the option to expire with any value in the next month. In cu...