Paramount Global (NASDAQ:PARA) said advertising revenues for the fourth quarter will be “lower than the third quarter.”
On CNBC’s “Options Action,” Mike Khouw of Optimize Advisors said that Paramount Global traded 2x average daily put volume on Tuesday.
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There was a buyer of 1,000 of the December 20 puts, at an average of $1.21 per contract. The trader bet $121,000 that Paramount’s stock will shed another 5% by December expiration.
PARA Price Action: Shares of Paramount Global fell 7% to $18.15 in the regular trading session on Tuesday, and edged lower by another 0.3% in after-hours trading.
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