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October 19, 2016  Wed 11:38 AM CT

Traders apparently believe that upside potential will be limited in Nabors Industries after quarterly results next week.

optionMONSTER's tracking programs detected the sale of 3,000 November 14 calls for $0.45 to $0.60. Volume was more than 5 times open interest at the strike, which indicates new money was put to work.

Short calls generate income and fix the price where a stock must be sold. (See our Education section.) The strategy is usually done in conjunction with long shares, reflecting a belief upside will be limited through expiration.

NBR is up 1.79 percent to $13.38 in afternoon trading and has rocketed 39 percent in the last three months. The energy-drilling services company is scheduled to report earnings after the close on Oct. 25.

Overall option volume is about average in NBR so far today.

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