SYB symbion health limited

Not everybody lost!!

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    AFR again - Rear Window

    Mayne Group's pain is Merrill Lynch's gain
    The hospital jokes are wearing thin, but more than a few Mayne Nickless shareholders were pained to watch their stock drop from $5.26 to $3.81 following Peter Smedley's shock profit downgrade late on Tuesday.

    At the risk of rubbing salt into the wound, someone at Merrill Lynch (or their client) has done very nicely in the puts. Between noon and 4pm on Tuesday, well before the announcement, Merrill bought 700 May $5 puts at prices between 6.5¢ and 9¢ a pop - or $59,500 all up.

    The stock was trading around $5.25 but by next morning's opening, it was down to $3.85, thus turning Merrill's $59,500 investment into puts worth $805,000. Very prescient.
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