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Put Options on SYNA on 3/18/2019

$SYNA Synaptics Incorporated (SYNA) develops, markets, and sells intuitive human interface solutions for electronic devices and products worldwide.

The company offers its products and solutions for smartphones, tablets, and touchscreen applications, as well as mobile, handheld, wireless, and entertainment devices; notebook applications; and other personal computer (PC) product applications.

Its products include ClearPad, which enables users to interact directly with the display on mobile smartphones, tablets, and automobiles; ClearView products that provide advanced image processing and low power technology for entry-level smartphones; TouchView products, which integrate touch and display technologies to deliver performance and simplified design; and Natural ID, a fingerprint ID product that is used in smartphones, tablets, notebook PCs, PC peripherals, and other applications.

The company also provides TouchPad, a touch-sensitive pad that senses the position and movement of one or more fingers on its surface; SecurePad that integrates fingerprint sensor directly into the TouchPad area; ClickPad that offers a clickable mechanical design to the TouchPad solution; ForcePad, a thinner version of its ClickPad; AudioSmart personal voice and audio solutions; VideoSmart single-chip 4K UHD media processors for TVs, set-top boxes, and over-the-top streaming devices; and ImagingSmart solutions. 

On Friday, the company warned of lower earnings and its CEO resigned. Synaptics now sees Q3 adjusted EPS at the lower end of 70c-$1.00 vs  consensus of 86c - The company now sees Q3 revenue at lower end of $340M-$380M, consensus $360.92M. Q3 revenue is affected by demand softness in China. Synaptics announced an executive leadership transition and the departure of Richard Bergman as Chief Executive Officer, effective immediately. Shares tumbled $2.63 in Friday's after hours trading. We expect shares to move to the $35 level.

 

We will be trading April 18th Put Option

 

Last Trade: $43.23

Trading Range: $33.54 - $55.25

Trade

  • Buy 1 April $40.00 Put at $1.00
  • For a net debit of $1.00

Profit/Loss Analysis

  • Breakeven at $39.00
  • Maximum profit is unbounded
  • Maximum loss is ($100.00) at strike of $40.00

Closing Summary

  • Sold 1 April $40.00 Put at $2.65

Position closed on 4/10/2019 at price of $2.65 with a 165.00% gain in 23 days.

Updates

4/10/2019 11:25:56 AM

SYNA $40 put closed at $2.65

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