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Trader sees end to recent Sony slide

Mike Yamamoto (mike.yamamoto@optionmonster.com)

Sony has been falling since reporting disappointing earnings last week, but one trader apparently believes that the stock will hold near current levels in the next month.

optionMONSTER's tracking systems detected the sale of 6,700 March 14 puts for $0.35 in less than 30 seconds on Friday. The volume was above the open interest of 5,484, indicating that this is a new position.

The put seller is betting that SNE will stay above $14 through mid-March. If the stock falls below that strike price, the trader will face the obligation to buy shares at an effective price of $13.65 when the credit from the put sale is included. (See our Education section)

SNE fell 1.39 percent to $14.92 on Friday, continuing to slide after missing earnings expectations Wednesday night. The once-mighty Japanese electronics giant was below $11 in early January but traded near $16 ahead of the quarterly report.

Total option volume in the name exceeded 12,000 contracts on Friday, compraed with a daily average of 7,582 in the last month.

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