SHOO – Steven Madden, Ltd. – Fashion footwear and apparel maker, Steven Madden, Ltd., popped onto our ‘hot by options volume’ market scanner after one options investor initiated a short straddle in the June contract. SHOO’s shares are currently down 1.00% to $33.40 as of 12:30 pm (ET). The short straddle suggests the trader expects shares of the underlying stock to stagnate through June expiration. The investor sold 1,900 puts at the June $33.33 strike for a premium of $1.25 apiece, and sold 1,900 calls at the same strike for a premium of $1.40 each. Gross premium pocketed on the transaction amounts to $2.65 per contract. The straddle-player keeps the full amount of premium received today as long as shares settle at $33.33 at expiration. The premium enjoyed on the transaction protects the investor from losses should shares fail to center at $33.33. However, the straddle-seller will incur losses if shares of the underlying stock rally above the upper breakeven price of $35.98, or if shares fall beneath the lower breakeven point at $30.68, ahead of expiration day.