Schaeffer's Option Blog: Put Trading Soars on Genzyme Corporation (GENZ)

Business Wire, June 17, 2009

CINCINNATI -- Genzyme Corporation (NASDAQ: GENZ) witnessed some heavy option trading on Tuesday, as more than 51,000 contracts crossed the tape. According to data from WhatsTrading.com, this is more than 10 times the stock's daily trading average of 4,911 contracts. Of that volume, more than 62% crossed on the put side.

Digging into the data, the July 47.50 put added more than 6,000 new contracts, pushing its open interest to more than 6,400 contracts. At 1:38 p.m. Eastern time, a block of 2,500 contracts traded hands at a bid price of $0.45. Meanwhile, the July 50 put added roughly 4,000 new positions, resulting in open interest of 5,624 contracts. At 11:15 a.m. Eastern time, a block of 1,339 contracts traded at an ask price of $1.20.

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