PUT OPTIONS ALERT: National City Corporation (NCC)

Posted in Options 
June 27th, 2008

National City Corporation (NYSE: NCC) has not gone without its shares of trouble since the financial meltdown started.

OCT08 $4.00 PUTS have seen some 27,079 contracts trade over the last 45 minutes.  Its prior open interest was a mere 6,220 contracts.  As a reminder, 27,000 contracts equals 2.7 million on a fully leveraged basis.  This was the only active series today in National City stock options and this is currently the largest options trade on the CBOE today.

So far we have seen only 6 million shares trade with the stock down 2.67% at $4.67 as of 11:36 AM EST and the average daily volume is 30 million shares.  Its 52-week trading range is $4.27 to $34.40.

Jon Ogg
June 27, 2008

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