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Current DateTime: 10:24:51 27 Nov 2009
LinksList Documentid: 30328029

CNBC Stock Blog

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Dec.12
1:43 PM ET
Friday, 12 Dec 2008
Options Trading: Bad Omen for Financial Services Firm

Options traders on Friday are bearish on State Street, trading January puts in heavy volume.



Jon "DRJ" Najarian
Cofounder, optionMonster

The financial services firm has seen a daily average of 1,800 put contracts over the last 30 days, but 14,000 traded in just the first 90 minutes of the session, according to OptionMonster's proprietary tracking systems.

About 5,500 puts were traded at the January 25 strike, 4,400 of them in a single print for $1.85.

Shares of STT [STT  Loading...      ()   ] lost as much as 3 percent at midday, trading around $37. The price of the puts stayed firm even after the stock popped briefly this morning, and volatility has spiked from 79 to 100.

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More Northeast Banks:

PNC Financial Services Group [PNC  Loading...      ()   ]

National City Corporation [NCC  Loading...      ()   ] 

Fifth Third Bancorp [FITB  Loading...      ()   ] 

US Bancorp [USB  Loading...      ()   ] 

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Jon 'DRJ' Najarian is a professional investor, CNBC contributor, and cofounder of OptionMonster.

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