A large trade is looking for a floor in shares of United Parcel Service.
optionMONSTER systems detected the sale of 10,000 September 85 puts for the bid price of $1.34. This is clearly a new position, as the strike's open interest was just 456 contracts before the trade appeared.
The put seller will keep the $1.34 credit as profit if UPS holds above $85 through expiration in mid-September. But the trader is taking on the risk of having to buy shares if they are below that strike price. (See our Education section)
UPS finished yesterday at $86.98, down 0.61 percent. The shipping giant has been trending higher since falling below $70 in November, hitting a peak of $91.78 two weeks ago.
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