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Traders buy bankruptcy puts in Merrill
November 21, 2008 Fri 2:49 PM CT

Merrill Lynch Chart

Merrill Lynch is in steady decline, down another 3 percent today as traders are buying bankruptcy puts.

MER, which was at $20 on Nov. 4, has traded lower all but two days since and is down more than 55 percent to its current level of $8.47. Shares were above $50 in May and began the year near $60.

One trader was taking the bankruptcy play, buying 15,000 of the...


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