Overseas Shipholding (OSG), which saw a flurry of put activty Friday when the stock was still north of $5 (see 10/12 color), has come under fire today. The stock is down $1.46 to $3.71 on heavy volume of 2 million shares and at session lows on concerns the shipping company has maxed out its lending facilities. Another 20,000 puts and 7,350 calls traded on the stock. Jan 4 puts were the most actives Friday. Now, Jan and Oct 3 puts are seeing the bulk of the flow and 30-day ATM vols are soaring 83 percent to 220.
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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.