Stocks quoted in this article:
Pharmacia (PHA - 54) reported fourth-quarter earnings this morning of 32 cents per share, matching the consensus estimate. The stock has retreated over the past two months after finding resistance at 64 in late-November. The level also acted as resistance for the shares in August and October 1998.
The March 55 put was active in last Friday's trading. Over 5,000 contracts traded on the option, with the majority of the volume comprised of a handful of large block trades. Open interest on the option rose by nearly 4,500 contracts.