Shares of Sara Lee are falling despite today's broad market rally, but heavy option activity appears to see things calming down.
SLE is down 0.83 percent to $20.36, on pace for its lowest close since February. The food company has slipped from its 52-week high of $22.35 in the last month.
Today's option volume is topped by action in the January 2014 15 puts. A trader sold 15,100 of those puts for the bid price of $0.45 against previous open interest of just 200 contracts, so this is a new position.
There was action earlier at other strikes, mostly in the January 2013 21 calls and the 20 and 16 puts. It appears to be selling across the board, though the volume at the 20 strike was less than open interest.
The put selling in the furthest-out expiration is looking for SLE to remain above $15 for the long term. The trader is also showing a willingness to buy shares if they are below that price. (See our Education section)
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