Puts surge despite highs in First Solar

optionMONSTER

Shares of First Solar are trading at nine-month highbut today's option activity is focused on unusually heavy put volume.

optionMONSTER's tracking systems detected the sale of 5,000 January 30 puts for the bid price of $2 against open interest of more than 10,000. At the same time, the trader bought 5,000 January 33 puts for $3.54 in volume that was well above open interest of just 628, indicating a new position.

This could be a roll, with a trader moving the puts to a higher strike as shares rise, or it could be a new vertical spread . The latter would cost the trader $1.54 to open, which is the amount at risk if shares remain above $33. (See our Education section)

FSLR is up 2.38 percent to $32.53 after hitting a $33.17 earlier today, its highest level since February. Shares of the solar-technology company fell to a low of $11.43 in early June but have been trending higher since.

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