Protection Purchased on Comerica (CMA)

Shares of Comerica Inc. CMA are higher on the session by 2.19%, currently trading at $37.40. The stock has been moving largely lower over the past five months, but has been attracting bull activity as of late. Note that the stock is now slammed right against the 50-day moving average. This is a key pivot point. Options traders are picking up some protection on the name today. The October $30.00 put was purchased 5,000 times, on the offer, a short while ago; open interest on the strike is 5,817 contracts. This may signal that a short put position was closed, which would negate some of the bearish in the trade. Put volume is now running at 3.71x the daily average. Comerica Incorporated is a financial services company. Comerica operates through three business segments: the Business Bank, the Retail Bank, and Wealth & Institutional Management. It also operates through a Finance Division. The Business Bank segment primarily consists of middle market, commercial real estate, national dealer services, international finance, global corporate, leasing, financial services, and technology and life sciences. 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.