COTY Shares Tanked 12.5%. So Why Were Some Bulls Still Buying?

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COTY Shares Tanked 12.5%. So Why Were Some Bulls Still Buying?

In Wednesday’s Blitz Daily, we’ll take a look at cosmetics company Coty after the firm announced a new secondary stock offering.

Shares of the beauty supply behemoth fell more than 12.5% in trading Wednesday on news the company will issue a secondary offering of 50 million shares. This isn’t an offering of new shares, but rather an opportunity for private equity firm KKR to unwind a chunk of its massive position. Moreover, KKR decided to do it at $8.53 per share — around 10% lower than Tuesday’s closing price.

This slide resulted in the stock giving back all of the gains generated from its stellar earnings report on Aug. 26. But rather than run away screaming, bullish institutional traders came in buying call options hand over fist!

Even better, I have three more foundational trades that hit the tape today! Just see for yourself...

Click Here for Today’s Top Order Flow!

All the best,

A New Money Crew Publication

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