Put Options on CCK on 10/31/2022

Crown Holdings, Inc. (CCK) designs, manufactures, and sells packaging products and equipment for consumer goods and industrial products in the Americas, Europe, and the Asia Pacific. 

It offers products for consumer goods, including steel and aluminum cans for food and beverage industries.

The company also provides products for industrial products, such as steel and plastic strap consumables and equipment, paper-based protective packaging, and plastic film consumables and equipment to metals, food and beverage, construction, agricultural, corrugated, and general industries.

In addition, it offers other consumer products, glass bottles for beverage products, steel crowns, aluminum caps, steel strap, plastic strap, industrial film, and other related products, as well as equipment and tools, such as manual, semi-automatic, and automatic equipment and tools used in end of line manufacturing applications to apply industrial solutions consumables. 

Shares have fallen below all supports after the company missed its earnings estimate and guided lower going forward. Lower share prices are expected. On October 24th, CCK reported 3rd Quarter September 2022 earnings of $1.46 per share on revenue of $3.3 billion. The consensus earnings estimate was $1.76 per share on revenue of $3.3 billion.

The company said it expects fourth quarter earnings of $1.00 to $1.10 per share. The previous consensus earnings estimate was $1.76 per share for the quarter ending December 31, 2022.

Last Trade: $68.11

Trading Range: $66.00 to $130.42

Trade Buy 1 November $70.00 Put at $3.50 For a net debit of $3.50 Profit/Loss Analysis Breakeven at $66.50 Maximum profit is unbounded Maximum loss is ($350.00) at strike of $70.00 Closing Summary Sold 1 November $70.00 Put at $2.00

Position closed on 11/14/2022 at price of $2.00 with a -42.86% loss in 14 days.

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