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Lincoln Educational Put Options Trades Surge for a Second Day

Dec. 28 (Bloomberg) -- Bearish Lincoln Educational Services Corp. option trades surged for a second day as investors boosted wagers that the for-profit college with 43 campuses and 32,000 students will extend losses by February.

More than 1,600 puts to sell the stock changed hands, six times the four-week average and 236 times the number of puts to sell, as of 4 p.m. in New York. The West Orange, New Jersey-baesd company fell 1.4 percent to $15.39 today, extending this year’s 29 percent retreat. Put volume jumped yesterday to a 14-month high of 2,101 contracts.

Today’s most-active contracts were February $15 puts, which accounted for about four-fifths of all volume. They rose 11 percent to $1.05 with 94 percent of those contracts trading on the ask price, which indicates that buyers initiated the transactions. The largest trade was a block of 1,238, which would give the right to sell 123,800 shares.

To contact the reporter on this story: Jeff Kearns in New York at jkearns3@bloomberg.net.

To contact the editor responsible for this story: Nick Baker at nbaker7@bloomberg.net.

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