Put Spread Sold in Schwab (SCHW)

Shares of Charles Schwab Corp. SCHW are trading flat on the session, currently at $16.97. The stock has recently broken down and sold off heavily from nearly $20 a few weeks ago. The stock appears to have found support around the $17 level. One trader that was long puts and put spreads in the name is exiting his or her position today. The September $18/16 put spread was sold 1,000 times for $0.90. Open interest on both strikes exceeds volume, which further emphasizes that positions were closed. Charles Schwab reported monthly metrics today, which were better than expected. The Charles Schwab Corporation is a financial holding company. Through its subsidiaries, the Company engages in securities brokerage, banking and related financial services.