A trader is looking for Foster Wheeler to make a big move in either direction.
FWLT is up 2.34 percent to $17.49 in midday trading. The engineering and construction company is bouncing off long-term support at $17, which was really tested only at the 52-week low of $16.40 set in early October.
Total option volume of 2,229 in the name is twice its daily average, and optionMONSTER's systems show that almost all the trading is in the July 17 puts. A trader bought 2,000 of contracts for the ask price of $0.94 at volume that is 10 times the open interest at that strike, so this is a new position.
Less than two minutes after the put buying, the session's largest block of FWLT stock changed hands. A trader bought 90,000 shares for $17.4611, dwarfing the next largest print of 6,198.
Given that the delta of the options was -0.45, the overall strategy is focused on a large move up or down rather than a specific direction. (See our Education section)
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