Bear targets Overseas Shipholding
Chris McKhann | [email protected]
A trader bought more than 2,400 April 1.50 puts for the ask price of $0.80, according to optionMONSTER's Depth Charge system. The volume was above open interest of 1,963 contracts, indicating new activity.
The put buyer apparently believes that this stock is unlikely to survive, as the position would be profitable if the stock is below $0.70 at expiration. (See our Education section)
OSG is up 2.7 percent this morning to $1.53, but that is a gain of just $0.04. Shares of the tanker company headed into last month above $7 but hit an all-time low of $1.02 on Oct. 22 after it was hit with a lawsuit over alleged securities-law violations.