Are 3M Shareholders Picking Up Protective Puts?
Option players have exhibited a growing demand for 3M Co (NYSE:MMM) puts over calls of late. At the International Securities Exchange (ISE) Chicago Board Options Exchange (CBOE) and NASDAQ OMX PHLX (PHLX) the stock's 10-day put/call volume ratio has risen to 3.96 from its late-November low of 0.93. This ratio ranks higher than 96% of other such readings taken during the past year suggesting puts have been bought to open over calls at a faster clip just 4% of the time within the last year. This trend toward puts is echoed in MMM's bearishly slanted Schaeffer's put/call open interest ...
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