Market News

July 25, 2014  Fri 3:16 AM CT

Teck Resources popped after reporting earnings yesterday, and one trader is betting that shares will hold firm.

optionMONSTER's tracking systems detected the sale of 2,008 February 22 calls in one print for $1.28 yesterday. This is clearly a new position, as open interest in the strike was just 49 contracts before the trade appeared.

The put seller is looking for TCK to stay above $22 through expiration early next year. But the trader will also be on the hook to buy shares if they fall below that strike price. (See our Education section)

TCK rose 1.17 percent yesterday to close at $24.15. The copper, coal, and energy producer beat second-quarter earnings estimates while meeting revenue expectations.

Yesterday's put sale followed bullish call buying in the name twice this month, as reported on our InsideOptions Pro subscription service.
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