Put selling dominates the option activity in Time Warner Cable today as the stock continues to rally.
TWC is up fractionally to $69.13 this afternoon. Shares of the cable operator have been pushing higher for the last two months after hitting a 52-week low of $57.15 in November.
More than 17,000 contracts have changed hands in the name already today, dwarfing its daily average of just 450. Most of that volume is in the February 67.50 puts.
A big block of 13,400 February 67.60 puts went was sold for the bid price of $1.15. The previous open interest at that strike had been just 500, so this was a new position.
The put selling is a bet that TWC will remain above that $67.60 strike price through the coming expiration. The trade also shows a willingness to buy the stock on a pullback. (See our Education section)
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