In Tuesday’s Blitz Daily with Lance Ippolito, we take a look at internet retailer Alibaba after delisting news spooked shareholders.
Shares of Chinese-based tech companies slumped at the open of trading Tuesday. The sell-off was sparked by an announcement from Didi Global that it will vote on delisting its shares at a special shareholder meeting.
Among the names taking a hit from the disappointing news is Asian e-commerce king Alibaba, whose shares dropped as much as 4% from Monday’s closing price.
The sudden plunge attracted the attention of bullish traders who came in to buy Tuesday’s dip! The Blitz Tracker spotted one bloodthirsty buyer who swept up more than 7,800 contracts of the June 17 expiration, $120 strike call options for more than $1.2 million in premium!
And that’s just one of the trades hitting the tape from Tuesday’s incredible order flow…
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