HP, Inc. Results Today - Huge, Unusual Options Activity in Long-Dated HPQ Puts

HP, Inc. (HPQ) will announce its fiscal Q3 results after the market close today. Investors are piling into long-dated, deep out-of-the-money put options expiring in more than 9 months. The short-put yield is high, but could HPQ stock be set for a drop?

HPQ is at $29.69 in midday trading, near a recent peak of $31.30 on Aug. 13. But is it at a peak? Is this a case of “sell on the news?”