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Doubters continue to plague the trade in NII Holdings.

The Latin American telecom company, struggling against bearishness in emerging markets and weak operating results, has already lost three-quarters of its value in the last year. Yesterday our tracking systems detected the sale of about 3,000 August 10 calls as investors bet the stock would remain weak over the next 5-1/2 weeks.

Today traders are picking up where they left off, dumping almost 18,000 contracts on the market. This time, the calls are mostly priced for $0.30, down from $0.45 yesterday.

By writing calls, traders commit to sell shares at the strike price if they're above that level on expiration. The activity reflects a wide belief that the stock will remain below $10 into the summer.

NIHD fell 2.32 percent to $9.06 in morning trading. Today's call selling pushed total option volume in the stock to 10 times greater than average.

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