Potash puts active on miners trapped Potash September weekly and October 42 puts are active on total put volume of 10K contracts (5K calls). October and December put option implied volatility of 27 is below its 26-week average of 30 according to Track Data. Active put volume suggests traders taking positions larger price movement on twenty miners trapped after fire at Potash mine, Global Regina reports.
On The Fly: Analyst Downgrade Summary Today's noteworthy downgrades include: AllianceBernstein (AB) downgraded to Neutral from Buy at BofA/Merrill... Baidu (BIDU) downgraded to Underperform from Hold at Daiwa... Brinker (EAT) downgraded to Negative from Mixed at OTR Global... CBIZ (CBZ), Inc. downgraded to Equal-Weight from Overweight at First Analysis... First Majestic (AG) downgraded to Hold from Buy at Desjardins... Marks & Spencer (MAKSY) downgraded to Neutral from Overweight at JPMorgan... Nu Skin (NUS) downgraded on negative preannouncement, China headwinds at Stifel... Old Dominion (ODFL) downgraded to Neutral from Buy at Citi... PMC-Sierra (PMCS) downgraded to Hold from Buy at Craig-Hallum... Parkway Properties (PKY) downgraded to Market Perform from Outperform at Wells Fargo... Phillips 66 (PSX) downgraded to Hold from Buy at Deutsche Bank... Potash (POT) downgraded to Hold from Buy at HSBC... Radware (RDWR) downgraded to Neutral on execution issues at Buckingham... Sensata (ST) downgraded to Neutral from Buy at Citi... Tenaris (TS) downgraded to Underperform from Neutral at Credit Suisse... Tesla (TSLA) downgraded at Baird on Model X timing uncertainty.
Potash downgraded to Hold from Buy at HSBC HSBC downgraded Potash to Hold and lowered its price target to $24.75 from $37.75. Analyst Yonah Weisz said Potash has an uncertain strategy following its decision to walk away from the K+S bid at a time of deteriorating pricing and demand in potash markets.