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September 23, 2016  Fri 7:47 AM CT

NKE: SEE CHART GET CHAIN FIND STRATEGIES

Traders are showing caution in Nike ahead of quarterly results next week.

optionMONSTER's monitoring program shows that some 8,300 Weekly 55 puts expiring on Sept. 30 were purchased for $0.87 to $1.20 yesterday. This represents fresh buying, as volume was well above the strike's open interest of 2,463 contracts.

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)

NKE rose 0.13 percent to $55.41 yesterday but is down 6 percent in the last month. The athletic-apparel retailer is scheduled to report quarterly results after the market closes on Tuesday.

Overall option volume in the name was twice its daily average yesterday. Puts outnumbered calls by a narrow margin.

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