Gerdau Sells Off; Calls Sold (GGB)

Shares of Gerdau SA GGB are falling hard today, currently trading off by 5.18% to $13.67. The stock has now broken down through the 200-day moving average, which is a significant, bearish signal. The stock is now trading below both the 50-day and 200-day moving averages. Gerdau SA is also seeing calls sold in the name with 4,500 of the June $15 calls sold on the bid. Call volume in the name is now running at 6.18x the daily average, though no calls traded have been purchases on the offer. Gerdau SA (Gerdau) is a Brazil-based producer of long rolled steel.