Put Activity Grows in BK

Shares of Bank of New York Mellon Corp

are off 0.95% to $31.27 on news that Attorney General Cuomo will sue one of the bank’s units, Ivy Asset Management, on charges related to the Madoff Scandal. Put activity is rising in the name with puts running well above the daily average. The May $31, 30, and 29 puts are very active, as well as the June $30 and $27 puts. Action on nearly every single strike has spiked after the report; volume is exceeding open interest as well, indicating new, bearish position.