Shares of Titan International (TWI) are trading lower on the session by 3.46%, at $19.26. The stock has been rallying off of recent lows for the past four weeks, but has found resistance at the 50-day moving average.
Despite the sharp move lower today, one trader is selling downside in the name. A short while ago the November $17.50 put was sold 4,000 times, on the bid, for $0.25. Open interest is only 421 contracts, indicating that today?s action is fresh positioning.
The trade has pushed overall call volume to 29.3x normal volume with 5,006 contracts traded.
30-day implied volatility is coming in 3.3% today to 47.40%; 10-day historical vol is registering 37.45%.
Titan International, Inc., through its subsidiaries, is engaged in the manufacturing of wheels and tires. It operates in three segments: agricultural, earthmoving/construction and consumer.