AK Steel (AKS) is off 29 cents to $5.72 and 3,685 puts already traded on the steelmaker, which is 2X the daily average. The flow includes a multi-exchange sweep of 1,200 Jun 6 puts at the 33-cents asking price. 1,387 traded. Jul 6 puts are the most actives. 1,410 traded (93 percent ask). July 5 puts are also seeing interest and 30-day ATM vols are up 9 percent to 56.5. Bearish trading in AKS comes as shares trade near multi-month lows after a 42.8 percent plunge off January highs. The 52-week low of $5.51 dates back to October 4.
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.