Puts Sold on SLM Corp (SLM)

Shares of SLM Corp. SLM are higher on the session by 0.92%, currently trading at $12.11. The stock has been rallying over the past week and has now regained the 50-day and 200-day moving averages after a large sell off in May. Options traders are drawing a line in the sand for SLM. The January 2012 $5.00 put was sold, on the bid, 2,000 times for $0.73 a short while ago. Open interest on the strike is 3,532 contracts. Put volume is now running at 2.18x the daily average. SLM Corporation, known as Sallie Mae, is engaged in the business of originating, servicing and collecting student loans and/or their parents to finance the cost of their education. The Company provide funding, delivery and servicing support for education loans in the United States through the participation in the Federal Family Education Loan Program (FFELP), as a servicer of loans for the Department of Education, and through its non-federally guaranteed Private Education Loan programs.