Puts Purchased on Sanmina-SCI (SANM)
July 14, 2010 1:15 PM
Shares of Sanmina-SCI Corp. (NASDAQ: SANM) are higher on the session by 4.29%, currently trading at $16.27. The stock has been trading largely lower over the past three months, but has popped above the 50-day moving averages as of late, which is a bullish sign.
Options traders are buying protection on the name today. The August $17.50 put was purchased 2,000 times, on the offer, a short while ago. Open interest on the strike is only 11 contracts, signaling new, bearish positioning on the strike. It appears that this is hedge buying on long shares.
Put volume is now running at 3.6x the daily average.
Sanmina-SCI Corporation is an independent global provider of customized, integrated electronics manufacturing services. The company provides these services primarily to original equipment manufacturers, in the communications, enterprise computing and storage, multimedia, industrial and semiconductor capital equipment, defense and aerospace, medical, renewable energy and automotive industries.
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