On CNBC's Options Action, Mike Khouw said that Freeport-McMoRan Inc (NYSE: FCX) recorded five times higher put options volume than its average. The most active were the November 30 put options, with 15,000 traded contracts.
Traders paid $0.35 for the strike, which sets the breakeven for the trade at $29.65. This is a decline of 10.61 percent from Freeport-McMoRan Inc's current price of $33.17. Khouw added that despite the punishment the stock has already taken, some traders see more ahead.
Posted-In: Mike Khouw Options ActionCNBC Options Markets Media
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