Market News

October 11, 2016  Tue 11:10 AM CT

A large trade is positioning for more downside potential in Newmont Mining.

optionMONSTER's tracking program detected the purchase of 5,000 October 33 puts in one print for $0.77. Volume was more than 5 times the open interest in the strike, showing that this is a new position.

Long puts lock in the price where a stock can be sold, so they make money if shares decline. Investors use them to hedge long positions or to speculate on a drop. (See our Education section)

NEM is up 0.65 percent to $34.28 in midday trading but is down 15 percent in the last three months. The precious-metals miner is scheduled to report earnings after the close on Oct. 26.

Overall option volume is about average in NEM so far today.

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