EBAY – eBay, Inc. – A short strangle implemented on online marketplace operator, eBay, Inc., this morning suggests one options player expects the price of the underlying stock to trade within a specified range through January 2011 expiration day. EBAY’s shares earlier gained as much as 1.535% to touch an intraday high of $24.47, but are currently up 0.45% to stand at $24.21 as of 12:10 pm ET. The strangle strategists sold 6,000 puts at the January 2011 $24 strike for premium of $1.83 apiece, and shed 6,000 calls at the January 2011 $26 strike to take in premium of $0.19 each. Gross premium pocketed on the transaction amounts to $3.02 per contract. The investor keeps the full premium received as long as eBay’s shares trade above $24.00 and below $26.00 through expiration. Short stances assumed in both call and put options expose the strangle player to losses in the event that EBAY’s shares rally above the upper breakeven price of $29.02, or should shares slip beneath the lower breakeven point at $20.98, ahead of January 2011 expiration.