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C.H. Robinson Worldwide has lost about 10 percent this month, but one trader apparently believes that further losses are limited as the company prepares to report earnings tomorrow.
optionMONSTER's systems show that 2,400 CHRW January 50 puts were sold in a single print for $2.05. Open interest at the start of the session was just 278 contracts, indicating that this is a new position.
CHRW is down 2.49 percent to $55.54 this morning, just above the 52-week low of $55.35 reached on June 26. The transportion-logistics company came into July trading around $61 but has been falling steadily since then.
Today's put sale is betting that the stock will be above the $50 strike price at expiration in mid-January. Total option volume in the name is already approaching 3 times its full-session average only 45 minutes into the trading day. (See our Education section)
The company is scheduled to release second-quarter results after tomorrow's close.
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