Puts Purchased on Eagle Bulk Shipping (EGLE)
January 24, 2011 11:52 AM
Shares of Eagle Bulk Shipping (NASDAQ: EGLE) are lower on the session by 2.38%, currently trading at $4.51. The stock had been moving largely lower over the past three months and is currently trading below the 50-day and 200-day moving averages.
Options traders are buying puts on the name today. A short while ago the March 2011 $4.00 put was purchased 3,500 times, on the offer, for $0.10 on open interest of only 541 contracts. This signals new positioning on the name.
Overall put volume is now running at 3.85x the daily average with 71% of all puts traded being purchases on the offer.
Eagle Bulk Shipping Inc. is engaged primarily in the ocean transportation of a range of major and minor bulk cargoes, including iron ore, coal, grain, cement and fertilizer, along worldwide shipping routes.
