United Rentals (URI) is off $2.68 to $34 on no company news, but put volume is increasing in the name. 15 minutes into trading today, with the stock still north of $35, a Jun 31 – 35 put spread trades on the stock for $1.15, 1196X on ISE. A customer bought the spread, to open, according to ISEE data. 15 minutes later, with the stock down to $34, a Jun 30 – 34 put spread trades on URI for $1.40, 1050X on ISE. It’s also an opening buyer. 30-day ATM vols are moving as well, up 16 percent to 77.5. Bearish flow comes as the company is presenting at a Keybanc Industrials and Automotive Conference Thursday.
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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.