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SAP AG (SAP) Puts Active As Shares Stumble

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SAP AG (NYSE:SAP) – Put options on SAP AG (NYSE:SAP) are active on Friday, with shares in the software company down more than 4.0% in the early going at $72.42. SAP AG (NYSE:SAP)’s shares are declining in sympathy with Accenture Plc (NYSE:ACN), the world’s second-largest technology-consulting company, after that company posted lower-than-expected third-quarter revenue after the closing bell on Thursday. Traders positioning for shares in SAP AG (NYSE:SAP) to potentially extend declines during the next few weeks picked up roughly 2,000 puts at the Jul $72.5 strike for an average premium of $1.97 each. The bearish strategy makes money at expiration in the event that SAP AG (NYSE:SAP)’s shares slide 2.6% from today’s low of $72.42 to breach the average breakeven point on the downside at $70.53. Shares in the name, down nearly 12% since the start of 2013, last traded below $70.53 back in November of 2012. SAP AG (NYSE:SAP) is scheduled to report second-quarter earnings ahead of the open on July 18th.

SAP AG (ADR) (NYSE:SAP) International, Ltd. (ADR) (NASDAQ:CTRP) – Upside call options on International, Ltd. (ADR) (NASDAQ:CTRP) are active this morning, with shares in the online provider of travel services in China rising 2.0% to $33.38 during morning trading. The most heavily traded contracts as measured by volume thus far in the session are the Aug $34 strike calls, with roughly 2,500 lots in play versus open interest of 12 contracts. Time and sales data suggests most of the calls were purchased within a few minutes of the opening bell at an average premium of $2.03 apiece. Call buyers stand ready to profit at expiration in August should shares in International, Ltd. (ADR) (NASDAQ:CTRP) rally another 10% over the current price of $32.87 to exceed the average breakeven point at $36.03. International, Ltd. (ADR) (NASDAQ:CTRP)’s shares are up better than than 90% since this time last year.

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