Puts Sold on Level 3 Communications (LVLT)

Shares of Level 3 Communications, Inc. LVLT are higher on the session by 1.33%, currently trading at $0.973. The stock has been moving largely lower over the past six months, off of a recent high near $1.75. One option trader is drawing a line in the sand for LVLT. Right at the morning bell, the October $1.00 put was sold 2,000 times, on the bid, for $0.05; open interest on the strike is only 246 contracts. Put volume is running at 25x the daily average, 0% on the offer. Level 3 Communications, Inc. is engaged in the communications business. The company is a facilities-based provider of a range of integrated communications services. For more great research like this, as well as how to play it through options…please visit Benzinga's Options & Volatility Edge and Benzinga's Cash Generator.