Bullish Put Sale Occurs on FMC Tech (FTI)

Shares of FMC Technologies Inc. FTI are higher on the session by 1.83%, currently trading $49.41. The stock has simply fallen off a cliff as of late, off from a recent high of nearly $77.00. There was a bullish put sale in the name today; the October $40 strike was sold on the bid 1,000 times for $2.50. Open interest on the strike is only 82 contracts, indicating new, bullish activity. This trader is largely betting that the stock remains above the $39.00 handle from now until October; if this happens, they will keep the full net credit. A move below $39.00 will expose the trader to large losses however. Benzinga highlighted call buying on the name yesterday; shares are higher by 3.70% since that call. FMC Technologies, Inc. is a global provider of technology solutions for the energy industry. The Company designs, manufactures and services systems and products, such as subsea production and processing systems, surface wellhead production systems, high-pressure fluid control equipment, measurement solutions, and marine loading systems for the oil and gas industry.