Markets

Bears are on the road with Con-way

Con-way fell on weak earnings earlier in the month, and the bears are looking for more downside.

optionMONSTER's Depth Charge monitoring program detected the purchase of 5,000 September 25 puts against open interest of just 24 contracts. The first blocks priced for $2.25, but premiums then rose and the bulk of the volume priced for $2.40, which suggests a strong buying pattern.

CNW is down 6.54 percent to $24 in morning trading after hitting a two-year low of $23.47 at one point in the session. The California trucking company missed consensus estimates by a penny on Aug. 4 and has been plunging along with the rest of the market ever since.

Today's put buying reflects concern it will continue to fall, and pushed total option volume in CNW to 8 times greater than average.

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

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

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