Puts Sold on Holly Corp. (HOC)

Shares of Holly Corp. HOC are markedly higher on the session, currently trading up 6.08% at $25.30. The stock has been drifting sideways for the past year in a tight range, which the stock is now trading at the bottom of. The channel runs from $25.00 on the downside to $30.00 on the topside. Puts are being sold on the name today, not coincidentally, betting that the stock holds the $25 handle once again. The June $25 was sold on the bid 2,500 times for $1.20 today. Holly Corporation is an independent petroleum refiner that produces light products, such as gasoline, diesel fuel, jet fuel, specialty lubricant products, and specialty and modified asphalt.