Puts Sold on International Paper (IP)

Shares of International Paper Co. IP are lower on the session by 1.33%, currently trading at $21.58. The stock has been moving largely lower over the past six months, but is now nearing historical support at $21.05. One options trader believes that the support level will hold, or at least that the stock will not fall a further 12% by late January. The January 2011 $19.00 put was sold 9,000 times, on the bid, a short while ago; open interest on the strike is only 408 contracts, which signals new positioning on the name. International Paper Company a global paper and packaging company. It is complemented by the North American merchant distribution system, with primary markets and manufacturing operations in North America, Europe, Latin America, Russia, Asia and North Africa.