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Traders buy bankruptcy puts in Merrill
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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