35,000 Diagonal Put Spreads Trade in Bloomin’ Brands, Inc. (Symbol: BLMN)

BLMN

This morning the Bloomin’ Brands, Inc. (Symbol: BLMN) January 17 ’25 12.5 / February 21 ’25 10 diagonal put spread traded 35,000 times for $0.36. The trader was closing out their position in January and rolling it to the February expiration. The open interest in the January 12.5 puts this morning was 35,000 contracts while the open interest in the February 10 puts was less than 100. This is a common strategy that allows the trader to continue to have a position while “rolling” from a front month to a month with a longer expiration date.

At the time of the trade BLMN was trading for $12.62. BLMN is currently trading for $12.44. BLMN has a 52-week high of $29.43 and a 52-week low of $11.24.

Source: IBKR TWS. Past performance is not indicative of future results

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4 thoughts on “35,000 Diagonal Put Spreads Trade in Bloomin’ Brands, Inc. (Symbol: BLMN)”

Anonymous
January 2, 2025 at 4:43 pm
were these at the bid/offer or between – was this a bearish/bullish or neither trade ?
Reply
- Interactive Brokers
  January 7, 2025 at 1:36 pm
  Thank you for asking. The overall spread traded for $0.36 while the NBBO of the spread was $0.15 / $0.50, the trader most likely bought the Jan and sold the February for a delta of ~11 per spread meaning it was by definition bullish play selling the downside puts in February and closing out the at-the-money puts in January.
  Reply
Roger B. Fox
January 3, 2025 at 10:25 am
I don’t understand. I am writing this on the morning of the third and there is STILL an open interest of 35000 on the jan 12.50s. If the was a closing transaction would the OI be close to zero? Also the trade must have been done for a credit. And if it was only 36c the trader got screwed because with the stock unch today the spread was offered for 45c.
Reply
Roger B. Fox
January 3, 2025 at 10:25 am
Reply

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35,000 Diagonal Put Spreads Trade in Bloomin’ Brands, Inc. (Symbol: BLMN)