CenturyLink trader thinks gains will hold
Chris McKhann | [email protected]
CTL is down 0.79 percent to $41.66 after trading above $43 last week. Shares of the telecom carrier have run up from support at $32 since early October.
A trader sold 3,000 September 40 puts for the bid price of $0.40, according to optionMONSTER's systems. The previous open interest was just 415 contracts, so this is a new position.
The short puts represent a bet that CTL will hold above $40 in the next month. The trader is also showing a willingness to buy shares if they are below that strike price at expiration.