|This Trade Was Closed May 23, 2012|
I was kind of hoping that RENN would continue falling. I can’t say for sure why that didn’t happen. However, the decline has been juicy and I made $1.70 per share when I sold them this morning which is nearly 150% in profits. I can’t get too upset about that!
Original Trade Post:
RENN reports earnings next week and I think they will hit investors with a miss. The problem will be declining advertising rates, however, what I am really trading here is statement from management. I think the outlook will be bad – which should drive prices much lower.
- The Ticker: RENN
- Target Price: 1.40 per share
- The Trade
- Buy to Open Jul 2012 6 Puts at .70 or better
- Trade Opened: May 10, 2012
- Trade Closed: May 23, 2012
Chart courtesy Finviz. Click to open larger.
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