Put Traders Blast Boeing Stock After 737 MAX Incident

More than 200 flights were canceled as a result

Digital Content Manager
Jan 8, 2024 at 10:24 AM
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Boeing Co (NYSE:BA) stock was last seen down 8.9% at $226.73 and dragging the Dow Jones Industrial Average (DJI) lower, after the U.S Federal Aviation Administration (FAA) temporarily grounded some 737 MAX 9 jets that are fitted with a panel that flew off during an Alaska Air Group (ALK) flight. Airline stocks are struggling as a result, after cancelling over 200 flights.

The equity is trading at its lowest level in more than one month, and eyeing its worst single-day percentage drop since May 202. Shares could close below the 40-day moving average for the first time since November if losses hold, and are chipping away at a slim 6.7% year-over-year lead.

Already, 68,000 puts and 46,000 calls have crossed the tape today, or eight times the volume that is typically seen at this point. Most active by far is the weekly 1/12 225-strike put, where new positions are being opened. Plus, puts dominate the top four open interest strikes.

These traders are getting a bargain, per Boeing stock's Schaeffer's Volatility Index (SVI) of 24% that ranks higher than just 11% of readings from the past 12 months, indicating options traders are pricing in low volatility expectations.


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