NextEra Energy has been pulling back in the last week, but one trader apparently believes that further losses will be limited.
optionMONSTER's tracking systems detected the sale of 2,000 December 90 puts in one print for the bid price of $1.40. The volume was above the strike's previous open interest of 1,646 contracts, showing that this is a new position.
These short puts are looking for NEE to stay above $90 through expiration in mid-December. But if the stock falls below that strike price, the trader would be on the hook to buy shares at that level. (See our Education section)
NEE fell 2.13 percent to $94.10 on Friday, just off its session low. The electricity producer dropped sharply after its last earnings report in late July but then bounced sharply off its 200-day moving average. Friday's put seller may be looking for history to repeat itself, as the stock is once again nearing that level.
The trade pushed total option volume in the name to more than triple its daily average for the last month.
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