Cruise Stocks See Put Buying

Susquehanna options strategist Alison Edwards notes put buying in cruise names Carnival Corp. (NYSE: CCL) and Norwegian Cruise Line (NYSE: NCLH).

"In Carnival Corp. an investors bought ~6k Oct 7.5 (.26d) puts for $1.02. Investors still own at least 180k Sep 7.5 puts from trading back in mid-May,:" Edwards notes.

On NCLH, she added, "An opening investor in Norwegian Cruiselines bought 5k Dec 5 (.07d) puts for $0.37. This investor opens downside protection/exposure breaking even on a 58% decline in the underlying. Even during the pandemic lows, the stock only reached ~$8.50."

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