State Street (STT) is seeing 7 times its normal trading volume. The stock is down 90 cents to $70.45 after the bank said it would raise $2.8 billion in an offering of 35.7 million for “what an analyst speculates will be future acquisitions,” according to AP. The news seemed to trigger some defensive put buying early, but as shares recovered from a morning low of $69.25, sentiment turned mixed. A total of 16,000 calls and 10,000 put options have traded. The June 70 calls are the most actives, with a roughly even distribution of today’s 8,000 contracts hitting the bid, mid, and offer.
About the Author (Author Profile)
Frederic Ruffy is a well-known trader, writer, and strategist who has spent years educating investors and creating intelligent, insightful, unbiased market observations that are frequently cited by the Wall Street Journal and other financial publications. As senior analyst, Fred provides frequent and regular notes and daily updates for activity of interest.