(Bloomberg) -- General Electric rallied as much as 16 percent after announcing a new CEO but not all investors are rejoicing in today's spike. One trader seems to have made an untimely bet Friday morning, selling a block of 6 million shares at $11.51 each.
While today's short term opportunity loss from the share sale is unfortunate, at least that loss was partially offset by the 34 percent drop in value of the 130,000 November 9th $11.50 puts that were sold in conjunction with the shares.
To contact the reporter on this story: Gregory Calderone in New York at gcalderone7@bloomberg.net
To contact the editors responsible for this story: Arie Shapira at ashapira3@bloomberg.net, Scott Schnipper
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