Options Volume Explodes on International Paper (IP)

Shares of International Paper IP are selling off today, currently lower by 9.38%, trading at $21.26. The stock is falling after the packaging and paper names rescinded their price hikes after customer blowback. Options traders are flocking to both the puts and calls today. Within the first thirty minutes of trading, 8,000 calls have traded and 10,000 puts have traded. Each of these numbers are, at least, 3x the daily volume. Puts seem to be seeing the lion's shares of the buying, with the October $23, $22, $21, and $20 puts very active. The only active call strikes are the October $22 calls and the January 2011 $20 calls. International Paper Company a global paper and packaging company. It is complemented by the North American merchant distribution system, with primary markets and manufacturing operations in North America, Europe, Latin America, Russia, Asia and North Africa. The company operates in six business segments: Industrial Packaging, Printing Papers, Consumer Packaging, Distribution, Forest Products, and Specialty Businesses and Other.