Investors in Philip Morris International Inc. (NYSE: PM) saw new options trading commence today for expiration in February 2026. A notable put contract at a $160.00 strike price is currently bid at $4.60, committing sellers to buy the stock at that price, effectively lowering the cost basis to $155.40 if executed. This strike price is about 1% lower than the current share price of $161.25, with a 55% chance of expiring worthless.
On the calls side, a $165.00 strike call contract is bid at $3.00, offering potential total returns of 4.19% if exercised, while also holding the possibility of expiring worthless—57% chance—allowing investors to retain their shares and premium. The implied volatility for the put contract is at 27%, while the call option holds an implied volatility of 30%.
