Bearish options traders are ramping up bets on further declines in the beaten-down shares of First Republic Bank , though strategists say they could run into trouble cashing in their wagers if the bank goes into receivership.
The exterior of a First Republic Bank branch is pictured in San Francisco, California, U.S. April 28, 2023. REUTERS/Loren Elliott
, though strategists say they could run into trouble cashing in their wagers if the bank goes into receivership.the troubled bank was most likely headed to receivership. Options volume soared to 872,000 contracts by 3:30 p.m. , with puts - used to bet on price declines - outnumbering calls on Friday by a ratio of more than 2.1 to 1.
Strategists, however, warned the stock could be halted if the bank goes into receivership, posing a problem for put options holders not unlike one encountered by bearish investors in Silicon Valley Bank, which collapsed last month.
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