Omnicare’s CEO Retires; Puts Purchased (OCR)

Shares of Omnicare Inc. OCR are lower on the session by 4.99%, currently trading at $23.40. The stock has been moving largely lower over the past three months and is trading below both the 50-day and 200-day moving averages. The stock is falling today on news that its CEO, Joel F. Gemunder, has abruptly retired as of July 31st. Gemunder, who is 71, had been president of Omnicare since 1981 and CEO since May 2001. Options traders are buying puts on the name today. The August $22.50 was purchased, on the offer, nearly 3,000 times; open interest on the strike is only 214 contracts. Put volume is now running at 22x the daily average. Omnicare, Inc. a pharmaceutical services company. The company is a provider of pharmaceuticals and related pharmacy and ancillary services to long-term healthcare institutions. Its clients include primarily skilled nursing facilities, assisted living facilities, retirement centers, independent living communities, hospitals, hospice and other healthcare settings and service providers.