Options traders with a $ 1.09 million stake against McDonald's

McDonald's shares are down about 5% after disappointing data and the dismissal of Steve Easterbrook CEO. Following the news of Steve's departure, options traders began spinning unusually large bearish bets against MCD as soon as Steve Easterbrook was replaced.

As of yesterday, five significant options trades had taken place against McDonald's.

Already at the beginning of the session, the trader bought 1000 put options on MCD with a strike of $ 185, ending on January 17, 2020 near the ask price of $ 3.70. The total trade was worth $ 370,000.

A minute later, most likely the same trader bought another 910 MCD put options with a strike of $ 180, expiring on January 17, 2020 near the ask price at $ 2.26 worth $ 205,660.

Two hours later, another trader purchased 545 MCD put options with a strike price of $ 190, ending March 20, 2020 near the ask price at $ 9.47. The entire bearish bet is worth $ 516,115.

50 minutes later, another trader sold 600 put options with a strike price of $ 170, ending March 20, 2020, near the bid price of $ 2.75. The whole deal was worth $ 165,000.

The three biggest deals against McDonald's total a bearish bet of $ 1.09 million. The biggest strike option at $ 190 has a break-even price at $ 180.63, suggesting a further 4% drop in shares over the next four months.

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