Options Traders Place Bets Against PacWest's Shares -- WSJ

Dow Jones2023-05-02

By Eric Wallerstein

Shares of PacWest have been halted several times for volatility Tuesday morning, plummeting some 30%.

More than 50,000 bearish put options contracts tied to the stock changed hands before 11 a.m. E.T., Cboedata show, already the second highest daily sum on record. The previous high, of nearly 126,000, contracts was set on Monday.

   -- Roughly three-fourths of options wagers were against the stock. Put 
      options grant the right to sell shares at a certain price by a certain 
      date, while call options give the right to buy. 
 
   -- Similar options activity hit $First Republic Bank(FRC-N)$ as it lost half its 
      value last week 
      . 
      The SPDR S&P Regional Bank ETF is seeing heavy wagering against it, 
      becoming the fifth-most traded stock-options contract on Tuesday, 
      according to Cboe.

Investors are betting against PacWest shares today too.

NOTE: In-line links reference additional content of interest chosen by the WSJ news team.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

May 02, 2023 11:00 ET (15:00 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.

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Comments

ipsail
2023-05-02
ipsail
I hope u people get burnt. Horrible beings. Destroying one bank after another. May the same happen to your companies too.

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The full stream can be found by searching P/WSJL (WSJ Live Coverage). \n\n\n \n \n\n\n  (END) Dow Jones Newswires\n\n\n  May 02, 2023 11:00 ET (15:00 GMT)\n\n\n  Copyright (c) 2023 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":9947610033,"gmtCreate":1683040523122,"gmtModify":1683041717267,"author":{"id":"3577704055258521","authorId":"3577704055258521","name":"ipsail","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3577704055258521","authorIdStr":"3577704055258521"},"htmlText":"I hope u people get burnt. Horrible beings. Destroying one bank after another. May the same happen to your companies too.","listText":"I hope u people get burnt. Horrible beings. Destroying one bank after another. May the same happen to your companies too.","text":"I hope u people get burnt. Horrible beings. Destroying one bank after another. May the same happen to your companies too.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9947610033","repostId":2332966470,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":0,"commentSize":1,"repostSize":1,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.30.2","shortVersion":"4.30.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2332966470"}