Leap Wireless (LEAP)

[ospreyeye]

7:08 PM Leap Wireless (LEAP -2.3%) might end up with a lot of spare iPhones in its warehouses. The prepaid carrier disclosed in its 2012 10-K it's on pace to buy only half the iPhones it has agreed to purchase from Apple as part of its commitment. BTIG's Walter Piecyk thinks Leap, which sells the 16GB iPhone 5 for $500 without contract, could be on the hook for $100M worth of extra iPhone purchases in 2013, and $450 over the course of its 3-year deal. (Muve spinoff) [Tech] Comment!

Looks like it's time to look at LEAP Puts.......this babies dropping like it's hot.......I see a new 52 week low coming.......$$$