Alpha Natural gets vote of confidence
Chris McKhann | email@example.com
ANR is down 2.89 percent to $6.72 after hitting an intraday low of $6.45 yesterday morning before climbing into the close. The coal miner's shares were above $47 a year ago and have been steadily losing ground since.
Almost 20,000 ANR options have changed hands already this morning, twice its daily average. Nearly 14,000 August 5 puts have been sold, including a single print of 12,500 that went for the bid price of $0.11. Open interest in the strike was 1,097 at the start of the session, so these are new positions.
The put selling is a bet that ANR will hold above the $5 strike price through expiration. The trader is willing to buy shares on a further pullback below the strike. (See our Education section)