In Wednesday’s Blitz Daily with Lance Ippolito, we take a look at packaged food powerhouse Kraft Heinz after a spike in options activity.
Shares of the condiment king took a step back on Wednesday from a small three-day, 3.5% rally.
Food and beverage names like Kraft Heinz are often a flight to safety in uncertain markets; however, the stock has spent the past two weeks trying to find support after inflation fears drove a massive 16% sell-off between May 13 and May 26.
Bullish traders came out of the woodwork Wednesday to buy the blood in the low-beta name. We spotted buyers gobbling up the June 3 expiration, $39 strike calls by the bucket load. More than 85,000 contracts of those weekly options have traded on the day — more than six times KHC’s 30-day average volume on that strike alone!
And if you’re still hungry for more super sized options plays, I have two more of Wednesday’s top trades waiting for you inside…
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