Express (EXPR -22.2%) shares were steamrolled after the clothing retailer cut its earnings...

|By:, SA News Editor

Express (EXPR -22.2%) shares were steamrolled after the clothing retailer cut its earnings forecast but option traders took a contrarian view, as traders turned to options expiring early next year to bet today’s rout was overdone. More than 1,100 contracts were traded vs. a daily average of 239 over the past month; trading in bullish call options outpaced bearish contracts by 2.4-to-one.