Puts Sold on Magna Intl. (MGA)

Shares of Magna International Inc. MGA are higher on the session by 1.71%, currently trading $67.40. The stock has been a relative outperformer as of late and is still trading above the 50-day moving average. In fact, it hasn’t broken the 50-day even once in the past six months. Options traders are selling puts as well today, betting that the stock’s recent pullback, small though it may be, is all the stock will see. The September $60 put was sold near the bid 2,600 times earlier in the session; open interest on the strike is 682 contracts, indicating fresh, bullish positioning. Put volume is running at 4.80x the daily average. Magna International Inc. is a diversified global automotive supplier. The Company designs, develops and manufactures automotive systems, assemblies, modules and components, and engineer and assemble complete vehicles, primarily for sale to original equipment manufacturers (OEMs) of cars and light trucks.