Common Cents purchased AAPL as it declined to around $120. The purchase consisted of a call option, which represents the right to buy 100 shares of the stock at a certain price.
More specifically, Common Cents purchased a September 18 call option with a $115 strike price for $9.00. Common Cents' goal is to sell the option for a minimum of $10.00. AAPL will have to increase, at a maximum, 3.3% (or to $124.00) for the option contract to reach $10.00. More information on options trading will come in a future 101 post.
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