Market News

November 28, 2016  Mon 4:14 AM CT

A large position is looking for Transocean to hold its ground in the near term.

OptionMonster's monitoring programs show that 4,906 Weekly 11.50 puts expiring on Dec. 9 were sold in one print for $0.45 on Friday. This is clearly a new position, as open interest in the strike was only 181 contracts before the trade appeared.

Short puts lock in a price where investors must buy a stock, while letting them collect premium. Traders use the technique when they like a stock and think that the risk of a big drop is limited. (See our Education section)

RIG fell 0.93 percent to $11.66 on Friday but is up 17 percent in the last month. The offshore energy driller is expected to announce quarterly results after the close on Feb. 22.

Overall option volume was about average in RIG on Friday

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