These Options Traders Hate Jay-Z!

Traders don’t appear to like hip-hop mogul Jay-Z too much right now. One such trader took a bearish position on Sprint (S) yesterday by purchasing nearly 8k June 8 puts for $0.60.

Earlier this week Sprint announced it purchased a 33% stake in Jay-Z’s Tidal music streaming service for roughly $200 million. Open interest in the June 8 puts totaled less than 3k contracts signifying that this is a new position.

Lending Rate Marketplace discusses how smart options traders are preparing to profit from the potential demise of Jay-Z’s Tidal streaming music service in this recent article.

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