![]() ![]() The team was able to sell the options for $5.45 apiece. By November 5, the stock was trading at only $51.07. So they bought 2,000 "put" options betting the stock would fall below $56. The team knew that earnings were coming up soon and the stock could fall a lot if the report was bad. ![]() ![]() Betting that Qualcomm stock would tumble - On November 2, Qualcomm ( QCOM) stock closed at $60.64 a share. By then, the Nasdaq 100 had risen to nearly 113.Ģ. ![]() They purchased 9,000 "call" options for a mere 3 cents each. Betting the Nasdaq 100 would rise - On October 19, the Nasdaq 100 ( QQQ) index closed at 108.74. Many of the team's bets lost money, but there were two huge wins.ġ. "This was my first experience trading options," says Rankin, who watched every single online course offered by the Options Industry Council. They pivoted quickly to options trading, where you place bets that stocks will rise or fall. They realized they couldn't treat this like a retirement account with safe investments and a long-term focus. The team was in last place after the initial week of trading. "We basically just decided to be as risky as possible." If we end up losing all $500,000, oh well," admits Rankin. Rankin and his teammates ended the competition with $1.3 million - a gain of 162%. Whoever had the most at the end of a month won. The contest was simple: Each team was allotted $500,000 of fake money. ![]()
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