Stocks quoted in this article:
General Motors (GM - 86-1/16) continues its move back to potential support at its 10-week moving average. After closing in all-time high territory on April 28, the security declined roughly six percent this week. Aiding in the decline was news on Wednesday that a major brokerage firm downgraded GM from a "buy" to an "outperform" rating. Currently, the stock is down fractionally, and put option activity has been rather heavy this afternoon. Overall, 3,572 in-the-money June 100 put contracts have crossed the tape, primarily in large block transactions. This is one of the most-active put contracts on the CBOE.