0.5 left when put expired OTM?

Quote from turkeyneck:

AAPL closed above 585. How come the 585 Mar 17 put still has 0.5 left?

Bid/Ask were 0.50/0.51 at close.

http://finance.yahoo.com/q?s=AAPL120317P00585000

http://finance.yahoo.com/q?s=aapl&ql=1
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Doesn't expire until tommorrow, conceivably AAPL could have dropped several dollars after hours and then you could exercise your puts Saturday. Or some monster news item hits tonight.

Bid was only one contract left after a ton of fills at 3:59 pm.
Probably speculation on closing print is involved here.
 
Quote from Nine_Ender:

Doesn't expire until tommorrow, conceivably AAPL could have dropped several dollars after hours and then you could exercise your puts Saturday. Or some monster news item hits tonight.

Bid was only one contract left after a ton of fills at 3:59 pm.
Probably speculation on closing print is involved here.
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Absolute last time to exercise is 1.5 hours after close, even for MM right?

http://www.888options.com/help/faq/exercise.jsp#1
 
Quote from Nine_Ender:

Doesn't expire until tommorrow, conceivably AAPL could have dropped several dollars after hours and then you could exercise your puts Saturday. Or some monster news item hits tonight.

Bid was only one contract left after a ton of fills at 3:59 pm.
Probably speculation on closing print is involved here.
More...

Or MM tried to gouge whoever wanted to close his position at the last minute? AFAIK, the 4pm closing price is the price used for settlement purpose.
 
there is no money left in 585 put.
it does not matter where the closing at.

if aapl closed at 585.9, and 585put last at $1, it is still worthless. it is pretty normal. since there is no trading before the closing.

the last print does not represent the put value after closing. you can see lots of this kind of closing, that is just the last trade. someone just does not trade, they just hold for last minute gamble till closed.
 
no, that is not true. see my explaination above post.

Quote from Nine_Ender:

Doesn't expire until tommorrow, conceivably AAPL could have dropped several dollars after hours and then you could exercise your puts Saturday. Or some monster news item hits tonight.

Bid was only one contract left after a ton of fills at 3:59 pm.
Probably speculation on closing print is involved here.
More...
 
Options can be exercised until 4:30pm central time. If you bought the put at .50, you would have this time to trade Apple after hours and potentially exercise your puts against your stock trade.
 
Quote from trader198:

there is no money left in 585 put.
it does not matter where the closing at.

if aapl closed at 585.9, and 585put last at $1, it is still worthless. it is pretty normal. since there is no trading before the closing.

the last print does not represent the put value after closing. you can see lots of this kind of closing, that is just the last trade. someone just does not trade, they just hold for last minute gamble till closed.
More...

What if I placed a market order for this 585 put at 3:59:55pm, will I still get executed at 0.5/0.51?
 
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