Genco Put Trading Rises to Record After Downgrade
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Genco Shipping & Trading Ltd. put options trading rose to a record after Wells Fargo & Co. cut its rating on shares of the iron and coal ship operator.
More than 18,000 puts to sell the stock changed hands today, 9.4 times the four-week average and almost five times the number of calls to buy. The most-traded contracts were March $10 puts, which accounted for more than two-fifths of all put volume and rose 50 percent to 30 cents. New York-based Genco fell 6.1 percent to $11.51.