Bears Want to Aavage Teva Pharma

Teva Pharmaceutical Industries issued a weak quarterly report yesterday, and now the bears want to savage the Israeli drug maker.

optionMONSTER’s Depth Charge monitoring system detected the purchase of almost 2,500 August 42.50 puts for $3.80 and $3.85. Volume was almost quadruple open interest at the strike.

Puts lock in the price where shares can be sold, so they move in the opposite direction as the stock price. Today’s contracts are in the money, giving them an especially strong inverse correlation.

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