20K Agrium (AGU) puts traded, compared to 3,870 calls. Today’s put volume represents 10X the expected for midday and is focused on July/August 40s. Looks like some of the activity is rolling of SHORT puts from July to August. Still checking. AGU is in the midst of an attempted takeover of CF Industries, which CF is still resisting, according to a recent AP report. The bid was extended last week to July 22. AGU is up 50 cents, or 1.24 percent, to $40.90 and implied volatility has eased to 55, from about 56.5 Friday.
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.