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Joy Global has lost nearly 70 percent of its market value this year, and traders are positioning for even more downside potential.
optionMONSTER's Depth Charge system detected the purchase of about 8,000 October 15 puts for $0.30 to $0.35 yesterday. This represents fresh buying, as volume was well above the strike's previous open interest of 3,121 contracts.
Long puts lock in the price where a stock can be sold no matter how far it might drop, gaining value in a selloff. The contracts can be purchased either as an outright bearish bet or a hedge on a long-stock position. (See our Education section)
JOY fell 0.81 percent to close at $17.17 yesterday after hitting $17.05 earlier in the session, its lowest price since March 2009. The mining-equipment manufacturer has dropped some 55 percent in the last three months as declines have accelerated with the commodity slowdown in China. The company lowered it outlook after missing quarter earnings and revenue estimates on Sept. 3.
Yesterday's overall option volume in the name was triple its daily average for the last month. Total puts outpaced calls by nearly 7 to 1.
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Joy Global est une société d’exploration minière basée aux Etats-Unis D'Amerique. Joy Global est cotée aux Etats-Unis D'Amerique. Sa capitalisation boursière aujourd'hui est 1,2 milliards US$ (1,2 milliards €). La valeur de son action a atteint son plus bas niveau récent le 12 février 2016 à 10,26 US$, et son plus haut niveau récent le 05 avril 2017 à 28,30 US$. Joy Global possède 43 700 000 actions en circulation. |