A large trade is positioning for possible downside in Amkor Technologies.
optionMONSTER systems show that a block of 5,500 December 9 puts was bought for $0.59 this morning. That was volume was far above the previous open interest in the strike, meaning that this is a new "buy to open" trade.
The put buying isn't tied to any trading in the underlying shares identified by our systems yesterday. So this is either an outright bearish play that is looking for AMKR to fall below $9 by mid-December or a hedge to protect a long position against such a pullback. (See our Education section)
AMKR fell 2.24 percent to $9.19 yesterday. The semiconductor packaging and testing company was up near $11 two weeks ago and has support around the $9 level.
Yesterday's put buying pushed total volume in the name above 7,000 contracts, more than 12 times its full-session average for the last month. Overall puts outnumbered calls by 12 to 1, a reflection of the session's bearish sentiment.
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