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Large put selling in CB Richard Ellis

Someone's had a rough ride in CB Richard Ellis Group, but they're not giving up hope.

optionMONSTER's tracking systems detected the sale of 8,000 September 20 puts for $1.05 and $1.10. An equal number of August 23 puts was bought at the same time for $2.85, but volume was below open interest.

This suggests that an existing short position in the puts was rolled to the lower strike and forward by one month. The investor has probably lost money on the trade and is adjusting it now, hoping that the property-management company will hold its ground or even rebound.

CBG is down 3.46 percent to $20.09 in afternoon trading and has lost 24 percent of its value in the last three months. The last earnings report on July 27 was mixed, with revenue strong but profit missing forecasts because of weaker margins in Europe and in its investment-management business.

The stock has now returned to a level where it faced resistance last October and November, which could be leading some chart watchers to expect support.

Overall option volume in CBG is 9 times greater than average so far today.

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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