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ADS – Alliance Data Systems – An investor appears to have a pretty good insight on the fortunes or otherwise of merchant services provider, Alliance Data Systems, which was in good company reaching a fresh 52-week low today at $27.83. We had to go back to trading patterns in put options as far as October to see when a 12,500 lot chunk of puts was bought at the January 2010 expiration. An investor at that time paid 3.00 for rights to sell shares at a fixed 25.0 price tag on the company while at the time the underlying shares were at a lofty $44.74. As we approach the strike price today the investor has taken profit by selling the puts at 5.0 apiece and doubled down at the 15.0 strike price expiring January for a 1.65 premium. Clearly this investor sees a worsening in consumption hurting core business.
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