Put selling dominates the options action in petroleum refiner HollyFrontier.
More than 8,400 options have traded hands in HFC today, more than quadruple the daily average over the last month. The May 44 puts accounted for almost all the activity, with about 7,100 contracts sold for $0.44. That activity dwarfed previous open interest of 20 contracts, so new positions were clearly initiated.
The trader is looking for HFC to hold up above $44 through the May expiration. They take the risk of having to buy shares if they are below that level.