20 European Stocks With Low Put/Call Ratios

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Compiled by Luis Gonzalez: The following is a list of European stocks that have a large number of open call option positions relative to put option positions, i.e. a low Put/Call ratio.

Some technical traders view the Put/Call ratio as a contrary indicator when it reaches extreme highs or lows. In other words, because the stocks mentioned below have a high number of open call option positions, contrarians would think most of the stocks mentioned below are set for a pullback. Do you agree?

Options data sourced from Schaeffer's, short float and performance data sourced from Finviz.

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The list has been sorted by the Put/Call ratio. (Note: Data was sourced on the afternoon of January 19, 2011)

1. AEGON N.V. (AEG): Netherlands. Life Insurance Industry. Market cap of $12.27B. Call open interest at 656 contracts vs. put open interest at 107 contracts (Put/Call ratio at 0.16). Short float at 0.09%, which implies a short ratio of 1.45 days. The stock has gained 4.06% over the last year.

2. Elan Corp. plc (ELN): Ireland. Drug Delivery Industry. Market cap of $4.09B. Call open interest at 97,114 contracts vs. put open interest at 24,262 contracts (Put/Call ratio at 0.25). Short float at 1.47%, which implies a short ratio of 2.45 days. The stock has lost -11.29% over the last year.

3. AerCap Holdings N.V. (AER): Netherlands. Rental & Leasing Services Industry. Market cap of $2.12B. Call open interest at 1,181 contracts vs. put open interest at 323 contracts (Put/Call ratio at 0.27). Short float at 0.25%, which implies a short ratio of 0.88 days. The stock has gained 34.66% over the last year.

4. Alcatel-Lucent (ALU): France. Communication Equipment Industry. Market cap of $7.5B. Call open interest at 159,111 contracts vs. put open interest at 45,015 contracts (Put/Call ratio at 0.28). Short float at 1.08%, which implies a short ratio of 1.5 days. The stock has lost -8.03% over the last year.

5. Toreador Resources Corp. (TRGL): France. Independent Oil & Gas Industry. Market cap of $465.97M. Call open interest at 11,036 contracts vs. put open interest at 3,302 contracts (Put/Call ratio at 0.3). Short float at 8.33%, which implies a short ratio of 6.09 days. The stock has gained 84.46% over the last year.

6. Qiagen NV (QGEN): Netherlands. Biotechnology Industry. Market cap of $4.48B. Call open interest at 765 contracts vs. put open interest at 258 contracts (Put/Call ratio at 0.34). Short float at 2.41%, which implies a short ratio of 4.25 days. The stock has lost -17.92% over the last year.

7. National Grid plc (NGG): United Kingdom. Gas Utilities Industry. Market cap of $30.48B. Call open interest at 1,607 contracts vs. put open interest at 567 contracts (Put/Call ratio at 0.35). Short float at 0.1%, which implies a short ratio of 0.95 days. The stock has lost -13.36% over the last year.

8. Ternium S.A. (TX): Luxembourg. Steel & Iron Industry. Market cap of $8.5B. Call open interest at 5,532 contracts vs. put open interest at 2,057 contracts (Put/Call ratio at 0.37). Short float at 0.28%, which implies a short ratio of 2.11 days. The stock has gained 15.13% over the last year.

9. ABB Ltd. (ABB): Switzerland. Industrial Electrical Equipment Industry. Market cap of $54.31B. Call open interest at 8,838 contracts vs. put open interest at 3,519 contracts (Put/Call ratio at 0.4). Short float at 0.16%, which implies a short ratio of 1.54 days. The stock has gained 23.02% over the last year.

10. AstraZeneca PLC (AZN): United Kingdom. Drug Manufacturers Industry. Market cap of $68.01B. Call open interest at 16,095 contracts vs. put open interest at 6,626 contracts (Put/Call ratio at 0.41). Short float at 0.31%, which implies a short ratio of 3.52 days. The stock has gained 0.4% over the last year.

11. CNH Global NV (CNH): Netherlands. Farm & Construction Machinery Industry. Market cap of $12.7B. Call open interest at 2,530 contracts vs. put open interest at 1,092 contracts (Put/Call ratio at 0.43). Short float at 1.68%, which implies a short ratio of 1.43 days. The stock has gained 89.62% over the last year.

12. Aegean Marine Petroleum Network Inc. (ANW): Greece. Basic Materials Wholesale Industry. Market cap of $550.01M. Call open interest at 11,284 contracts vs. put open interest at 4,957 contracts (Put/Call ratio at 0.44). Short float at 6.12%, which implies a short ratio of 1.64 days. The stock has lost -63.61% over the last year.

13. Covidien plc (COV): Ireland. Medical Instruments & Supplies Industry. Market cap of $23.5B. Call open interest at 13,492 contracts vs. put open interest at 6,410 contracts (Put/Call ratio at 0.48). Short float at 0.44%, which implies a short ratio of 0.7 days. The stock has lost -2.43% over the last year.

14. Banco Bilbao Vizcaya Argentaria, S.A. (BBVA): Spain. Foreign Regional Banks Industry. Market cap of $43.14B. Call open interest at 41,144 contracts vs. put open interest at 19,823 contracts (Put/Call ratio at 0.48). Short float at 0.14%, which implies a short ratio of 1.65 days. The stock has lost -35.08% over the last year.

15. Alcon Inc. (ACL): Switzerland. Medical Instruments & Supplies Industry. Market cap of $49.81B. Call open interest at 98,755 contracts vs. put open interest at 48,116 contracts (Put/Call ratio at 0.49). Short float at 1.88%, which implies a short ratio of 1.14 days. The stock has gained 9.28% over the last year.

16. Vistaprint N.V. (VPRT): Netherlands. Business Services Industry. Market cap of $2.03B. Call open interest at 11,421 contracts vs. put open interest at 5,943 contracts (Put/Call ratio at 0.52). Short float at 16.68%, which implies a short ratio of 14.34 days. The stock has lost -12.76% over the last year.

17. DryShips, Inc. (DRYS): Greece. Shipping Industry. Market cap of $1.55B. Call open interest at 299,410 contracts vs. put open interest at 157,059 contracts (Put/Call ratio at 0.52). Short float at 7.8%, which implies a short ratio of 1.15 days. The stock has lost -16.4% over the last year.

18. Veolia Environnement S.A. (VE): France. Electric Utilities Industry. Market cap of $15.13B. Call open interest at 2,905 contracts vs. put open interest at 1,527 contracts (Put/Call ratio at 0.53). Short float at 0.16%, which implies a short ratio of 2.51 days. The stock has lost -14.14% over the last year.

19. Unilever NV (UN): Netherlands. Processed & Packaged Goods Industry. Market cap of $85.53B. Call open interest at 2,442 contracts vs. put open interest at 1,290 contracts (Put/Call ratio at 0.53). Short float at 0.14%, which implies a short ratio of 1.67 days. The stock has lost -3.33% over the last year.

20. Royal Bank of Scotland Group plc (RBS): United Kingdom. Foreign Money Center Banks Industry. Market cap of $72.37B. Call open interest at 2,846 contracts vs. put open interest at 1,539 contracts (Put/Call ratio at 0.54). Short float at 0.11%, which implies a short ratio of 2.5 days. The stock has gained 23.35% over the last year.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , Investing Ideas , Stocks


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