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writer, OptionMonster
Eastman Kodak is down 60 percent in the last month, and the options are looking for further declines.
The photography icon fell 2.86 percent yesterday to $4.08, its lowest close since August 11. Kodak is still double its March low but well off the nine-month high near $7 that it hit in mid-September. The shares have encountered resistance at that $7-$8 area all the way back to November, which is when shares were last above $8.
OptionMonster's tracking systems show that more than 10,000 January 4 puts changed hands, almost all of them bought for $0.65 at the same second. The volume was more than twice the previous open interest, indicating that this represented new positions being opened.
While this buying clearly shows a bearish bias for Kodak [
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Options Trading School:
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Easman Kodak Competes With:
Canon [CAJ
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Sony [SNE
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Chris McKhann is an analyst and writer for OptionMonster.
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Data is a real-time snapshot *Data is delayed at least 15 minutes