Market News

November 13, 2013  Wed 9:30 AM CT

As Teva Pharmaceutical tries to recover from a steep selloff last month, one trader apparently believes that any further downside will be limited.

optionMONSTER's tracking systems detected the sale of 5,000 December 35 puts in one print for the bid price of $0.22 this morning. The volume is above previous open interest in the strike, indicating that it is a new position.

The trader will keep the $0.22 credit as profit if TEVA remains above $35 through expiration in mid-December. But if the stock falls below that strike price, he or she will be on the hook to buy shares at that level. (See our Education section)

TEVA is up 0.64 percent to $37.99 in morning trading. The drug developer gapped down from $41 after its CEO resigned unexpectedly late last month, but shares bounced near the $36 level a week later and have been drifting higher since. 
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