Options traders on Friday are bearish on State Street, trading January puts in heavy volume.
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.
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Shares of STT 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.
More Northeast Banks:
PNC Financial Services Group
National City Corporation
Fifth Third Bancorp
Jon 'DRJ' Najarian is a professional investor, CNBC contributor, and cofounder of OptionMonster.