HET - Harrah's

The rumor mill is running at full tilt today over whether a buyout of Casino operator Harrah's is going to fall apart. There's just no way of knowing for sure what's going to happen, but the swings are wild and the December 70puts are even trading, though the stock is $8 away from that strike. $70 is where HET was trading before the takeover bug hit the shares. There's less than 2 days to go before options expiration and here stands another reason why holding options paper in takeover guessing situations so close to expiration is a dangerous game.