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Top Trades for Thu, 02 Dec 2021 15:57 – CLF

Old favorite:

CLF +2.29%Dec. 02, 2021 3:15 PM ET15 Comments

 

Let's make them a new favorite again in the LTP as $20 is still under $10Bn in market cap and last year they lost $122M but the last 4Qs have been $256M, $288M, $1,197M and $1,775M so back on a path for a solid $3Bn+ which makes $10Bn a no-brainer for our LTP:

  • Sell 20 CLF 2024 $20 puts for $6 ($12,000) 
  • Buy 50 CLF 2024 $15 calls for $8.75 ($43,750) 
  • Sell 50 CLF 2024 $22 calls for $5.75 ($28,750) 

That is net $3,000 on the $35,000 spread that's $25,000 in the money to start with $32,000 (1,066%) upside potential at $22.  Worst case is we own 2,000 shares at net $21.50 – 7.5% above the current price.  


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