Keycorp is near 52-week highs, and one trader is betting that the stock will hold current levels.
KEY is up fractionally this morning to $8.65. Shares of the bank-holding company are just shy of their March closing high of $8.69 and not far from the intraday high of $8.82.
A trader sold 3,000 December 8 puts for the bid price of $0.26, optionMONSTER's systems show. Open interest in the strike was 612 contracts at the beginning of the day, so this is a new position.
The put selling is a bet that KEY's shares will hold above the $8 strike price through mid-December. Shares bounced up from that level a month ago. (See our Education section)
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