Altria isn't far from its all-time highs, and one trader apparently believes that the stock will hold these levels.
MO is off fractionally at $32.19 today but has been trending higher since hitting a 52-week low near $24 back in August. The cigarette company reached a lifetime high of $32.62 at the start of the month.
A trader sold 4,385 September 32 puts in a single print for the bid price of $1.41, according to optionMONSTER's systems. The previous open interest was 1,430, so this is a new position.
The put selling is a bet that MO will hold above $32 in the coming months. The trader may also be looking to buy shares on a slight pullback at an effective price of $30.59.(See our Education section)
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