Over the last month, GM shares are down a whopping 14% as employees and management battle, and one options trader is betting on the plunge to continue.
employees is in the middle of its fourth week, and the company's stock is starting to feel the pressure.
"The trade I want to focus on looked to be a bearish roll from January 2020 to the November 33-puts 10,000 times," Nathan said. "It looked like an opening buyer in the November [30-puts]." From a technical standpoint, Nathan sees signs that a breakdown to that level could very well happen. The stock has, indeed, already seen a peak-to-trough decline of more than 15% during that time, but if the strike continues through November, GM is in danger of breaking a much more significant technical trend.
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