Ford Motor Company (NYSE: F) was a featured name in the options pits on Wednesday, with single-session put volume more than tripling the norm. More specifically, the auto issue saw about 37,750 puts cross the tape, compared to its average daily volume of fewer than 12,250 contracts.
The soon-to-expire September 7 strike garnered the most attention, with about 16,200 contracts traded. At least some of the volume translated into eleventh-hour bets, as put open interest at the at-the-money 7 strike jumped from roughly 50,800 to 56,527 contracts overnight. However, 65% of the contracts traded between the bid and ask prices, making it impossible to tell whether they were bought or sold.
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