Abbott Laboratories is trading at all-time highs, and one long-term trader apparently sees little danger of the stock collapsing.
ABT is up 1.29 percent to $67.20 after hitting a new liftime high of $67.45 earlier this morning. The drug maker fell after missing revenue estimates last month but bounced at the $64 level and has been rising since.
optionMONSTER's tracking systems detected the sale of 3,000 January 2014 60 puts for $4.05 in the only activity at that strike, which averages a mere 14 options a day. Open interest at the start of the session was only 715 contracts, indicating that this is a new position.
The put seller is betting that ABT will be above the $60 strike price when those options expire in 17 months. If it is below that level, the trader could be required to buy the shares, but at an effective entry of $55.95--a price not seen since mid-February. (See our Education section)
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