Traders Bid Up Puts On Sotheby's (BID)

Shares of Sotheby's BID are higher on the session by 4.59%, currently trading at $34.84. The stock has been moving largely higher over the past three months, though is now nearing resistance at $35.00. Options traders are buying protection on shares on the heels of its recent rally up from $22.00. A short while ago the October $30.00 put was purchased 1,500 times, on the offer, for $0.40; open interest on the strike is only 474 contracts. Put volume is now running at 7.03x the daily average. Sotheby's is an auctioneer of authenticated fine and decorative art, jewelry and collectibles. Sotheby's operations are organized under three segments: Auction, Finance and Dealer. Its Auction segment functions as an agent offering authenticated works of art for sale at auction. In addition, its Auction segment provides a number of related services, including the brokering of private sales of artwork. Sotheby's also operates as a dealer in works of art through its Dealer segment. Sotheby's conducts art-related financing activities through its Finance segment and is also engaged in licensing activities. 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.