Halliburton shares are slipping today, but a large trader is betting that further losses will be limited.
optionMONSTER systems detected the sale of 10,000 February 46 puts for the bid price of $0.52. The previous open interest in that strike was just 342 contracts, clearly showing that this is a new position.
The put seller is looking for HAL to hold above $46 in coming weeks. The trader will be on the hook to buy shares if they fall below that level, for an effective price of $45.48–the equivalent of $4.6 million shares.
— Option Monster