Market News

November 25, 2016  Fri 10:52 AM CT

Nerves are on edge in Occidental Petroleum.

OptionMonster's tracking program detected the purchase of 2,000 Weekly 70.50 puts expiring December 2 for $1.57 to $1.69. Volume was more than 73 times open interest at the strike, which indicates new money was put to work.

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)

OXY fell 0.17 percent to $69.73 in morning trading and is down 10 percent in the last three months. The next set of numbers are estimated for pre-market hours on Feb. 2.

Total puts outnumber calls by a bearish 3-to-1 ratio.

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