Trader looks for bargains in Best Buy calls
Someone took a big position in options on Best Buy (BBY) this morning. At a little before 10:00 this morning, 2,500 contracts of the Dec. 72.50 call changed hands, against open interest of 88 contracts. Pricing on that trade was high in the spread, indicating it was initiated from the buy side.
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About Best Buy Co. Inc.
Best Buy is one of the largest consumer electronics retailers in the United States, with product sales representing 10% of the $383 billion retail industry in calendar 2018 based on estimates from the Consumer Technology Association. The company is focused on accelerating online sales growth, improving its multichannel customer experience, launching new in-store and in-home service offerings, optimizing its U.S., Canada, and Mexico retail store square footage, reducing cost of goods sold through supply-chain efficiencies, and reducing SG&A costs.