Bears target Golar before results
The bears are targeting Golar LNG ahead of its earnings report this afternoon.
optionMONSTER's Depth Charge monitoring system detected the purchase of 11,000 December 25 puts for $0.95 to $1.05 yesterday. Volume was well above the strike's open interest of 3,619 contracts, an indication that new money was put to work.
Long puts fix the price the price where a stock can be sold, so they make money to the downside. Investors use them to hedge long positions or to speculate on a drop. (See our Coaching section)
GLNG rose 2.94 percent to $27.68 yesterday but is down 19 percent in the last three months as it continues to struggle near long-term lows. The liquefied natural-gas company is scheduled to announce quarterly results after the market closes today.
Overall option volume was 14 times greater than average.
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