Monsanto (MON) is down $2.47 to $86.82 after Citi downgraded the stock to Hold from Buy Friday. The firm also lowered its target to $95 from $98 and said the onslaught of Chinese glyphosate will pressure earnings. They are switching their picks for the ag sector to POT and MOS. In the options market, volume is running 2X the usual. While some put buyers have surfaced, October 90 and July 95 calls are the most actives. Sentiment data suggest customers are buying to open new positions despite weakness in MON shares.
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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.