Protection Purchased on Eagle Bulk Shipping (EGLE)
October 04, 2010 2:05 PM
Shares of Eagle Bulk Shipping Inc. (NASDAQ: EGLE) are lower on the session by 3.63%, currently trading at $5.04. The stock has been moving largely higher over the past three months, off of a recent low near $4.00. The stock is now trading above the 200-day moving average.
Options traders are buying protection on the name today. A short while ago 500 contracts were bought on each of the November $5.00, December $5.00, and March 2011 $5.00 strikes. Volume did not exceed open interest on any of the strikes.
Put volume is now running at 2.40x the daily average, 92% 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. The company operates in the Handymax sector of the dry bulk industry, with emphasis on the Supramax class of vessels. It owns a fleet of Supramax dry bulk vessel, which range in size from 50,000 to 60,000 deadweight tons.
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