Aggressive Put Buying in Harley-Davidson

Pete Najarian, co-founder of OptionMonster

The economic crisis has been steadily pounding Harley-Davidson's ( HOG) shares lower by the day, and now traders are aggressively buying puts as well.

Options activity accelerated Wednesday afternoon as traders bought the April 7.50 puts in large numbers for 75 cents, according to OptionMonster's tracking systems. The stock dropped to a new 52-week low of $8.72 in intraday trading, and the put buying intensified even after the shares pulled off that bottom as the rest of the market rose.

The stock closed at $8.90, down 3.89% for the day. Harley-Davidson hit its high of $48.05 in September as the global financial turmoil was just beginning.

At the time pf publication, Najarian had no positions in Harley-Davidson.

More from Options

Turkish Bears Triple Their Money on Currency Turmoil

Turkish Bears Triple Their Money on Currency Turmoil

How to Rock a Trade on ROKU After Its Stellar Earnings

How to Rock a Trade on ROKU After Its Stellar Earnings

Twilio Bulls More Than Double Their Money After Earnings

Twilio Bulls More Than Double Their Money After Earnings

First Data Calls Profit Fivefold on Earnings

First Data Calls Profit Fivefold on Earnings

Consumer Staples Bulls Quintuple Their Money via Options

Consumer Staples Bulls Quintuple Their Money via Options