Options Alert: PMC-Sierra Put Volume (PMCS)

Posted in Options 
June 20th, 2008

PMC-Sierra Inc. (NASDAQ: PMCS) is one of the old tech names that has been often overlooked.  Today we saw a strange options trade the may be a red flag because of the size.  The NOV08 $10.00 PUT options have seen some 11,049 contracts trade today.  The open interest before this was a mere 81 contracts.  On a fully leveraged basis this represents some 1.1 million shares.  On normal days it trades about 6 million shares.  We have also seen activity in the AUG08 $10.00 PUT options.  Of those we have seen some 2,770 contracts trade hands, and the prior open interest in those was listed as 2,975 contracts.  We can’t say this for sure, but if PMC-Sierra has ever been on the most active list of options activities it has been years…..

Jon C. Ogg
June 20, 2008

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