Goldcorp has surged with other gold miners in the last three months, but one large trader is turning cautious ahead of quarterly results in three weeks.
optionMONSTER's tracking program detected the purchase of 5,000 July 17 puts for $2.05 at the same time yesterday. Volume surpassed open interest of 1,228 contracts, indicating that this is a new position.
Long puts lock in the price where a stock can be sold, so they make money to the downside. Investors use them to hedge long positions or to speculate on a drop. (See our Education section)
GG rose 2.27 percent to $16.24 yesterday and is up 37 percent in the last three months. The miner's last quarterly report on Feb. 25 was bearish, and its next earnings release is scheduled to come out after the close on April 27.
Overall option volume was about average in GG yesterday.
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