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Wells Fargo WFC (news,
chart,
quote) - WFC Puts more active than calls as WFC sells off after six-week Rally
WFC is down 1.08 to 62.78 on profit taking after rallying sharply over the last six weeks and fears of WFC loan exposure to CPN. GSCO say's "we consider WFC risk immaterial as the loans on which WFC participated are heavily collateralized and currently trade at 98% of par." WFC December 60 puts have traded 24 times on transaction volume of 607 contracts. Put volume indicates some investors are hedging down side price risk.
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