Schaeffer's Daily Option Blog: TCF Financial Corp. (TCB) Targeted by a Credit Spread Strategist
CINCINNATI-(Business Wire)-September 29, 2009 - Shares of TCF Financial Corp. (TCB: sentiment, chart, options) have taken a nearly 4% hit today, after Oppenheimer downgraded the shares to "perform" from "outperform." According to the brokerage firm, "Unexpected news from the larger banks and the amount of press it has received may prompt TCF to implement changes that could hamper deposit growth and related fees."
Options players, meanwhile, have wasted no time in piling into put positions on TCB. Specifically, more than 24,000 contracts have changed hands, outstripping the stock's daily average by more than 35 to one. Additionally, WhatsTrading.com reports that 97% of this activity has traded on the put side.
To continue reading this article, click here: http://www.schaeffersresearch.com/marketcenters/optionscenter/default.aspx?id=95438&source=businesswire
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