Shares of BB&T Corporation (BBT) are trading lower on the session by 1.12%, at $29.04. Today?s action is just a taste of the carnage we have seen in the name over the past few weeks; BBT was trading at $34.37 one month ago.
Puts are active on BBT today as shares edge closer to the $27.40 support level. A short while ago the December $26.00 put was purchased 3,250 times, on the offer, for $0.21. Open interest on the strike is only 482 contracts, indicating new positioning. Note that a second block of 3,250 puts traded for $0.23 was just canceled. ??
Today?s put action is another brick in the bear wall. On October 18th 1,600 November $32.00 puts were bought for $1.60 (rolled from the Oct $32 strike). On Oct 17th the November $30.00 put was purchased 1,600 times for $0.19 (rolled from the Oct $31 strike). On Oct 11th the March 2013 $33.00 put was purchased 2,070 times for $1.88. You get the idea?
30-day implied volatility is popping 9.1% today to 21.65%; 10-day historical vol is registering 38.25%.
BB&T Corporation is a financial holding company. BB&T conducts its business operations through its commercial bank subsidiary, Branch Banking and Trust Company.