Unusual April 2 options trades target Nike, Clorox, and Royal Caribbean
Options trading saw unusual activity on April 2 across three major companies. Investors placed large bets on Nike, Clorox, and Royal Caribbean Cruises. The strategies ranged from bearish spreads to complex covered calls, all with a six-week expiration leading up to May 15. On April 2, traders focused on Clorox (CLX) with two unusually active options. The move formed a Bear Put Spread, costing $2.10 per contract. This strategy suggested expectations of a price decline before expiration.
Nike (NKE) also drew attention with four unusually active options. A long strangle was executed, carrying a net debit of $3.21 per contract. The total outlay for this position reached $25.4 million, reflecting a bet on significant price movement. Royal Caribbean Cruises (RCL) saw one active option, structured as a covered call with a twist. The trade involved buying the May 15 $290 call for $3.6 million. This approach combined income generation with a bullish outlook. All three strategies were set with a six-week timeframe, expiring on May 15. By that date, the author will be over 1,100 miles from Halifax, visiting friends in Toronto.
The April 2 options activity highlighted distinct strategies across three companies. Clorox faced bearish pressure, Nike saw bets on volatility, and Royal Caribbean attracted a modified covered call. Each trade was timed to settle by May 15, aligning with the author’s planned travel.
