Puts Sold on Horsehead Holding Co. (ZINC)

Shares of Horsehead Holding Co. ZINC are higher on the session by 2.87%, currently trading at $7.88. The stock has been moving largely lower over the past three months, off from highs near $12.75. Options traders are selling puts on the name today, betting that the stock is near a bottom. The March 2011 $7.50 was sold 1,500 times, on the bid, earlier in the session; open interest on the strike is just 20 contracts. Put volume is now running at 320x the daily average. Horsehead Holding Corp. is a producer of specialty zinc and nickel-based products sold primarily to customers throughout the United States of America. The company is also a recycler of electric arc furnace dust in the United States.