Cameco will own 49% of nuclear power plant equipment maker Westinghouse
The shares of Cameco Corp (NYSE:CCJ) are sinking today, last seen down 13.7% to at $22.27 to trade at their lowest level since August after the company revealed it partnered with Brookfield Renewable (BEP) to acquire Westinghouse Electric for $7.9 billion. Cameco will now own 49% of the nuclear power plant equipment maker, while Brookfield Renewable and its partners will own the remainder.
Digging deeper, the $28.50 rejected the equity's rally earlier this month. The shares are today eyeing their fifth loss in six sessions and their biggest percentage loss since March 2020. CCJ has also lost support from the 100-day moving average and is off 29% in the last six months.
Options traders are blasting the equity today, with 98,000 calls and 24,000 puts across the tape so far, which is 11 times the volume typically seen at this point. The most popular contract is the December 37 call, with the December 31 call not far behind.
Short-term options traders have been much more put-heavy than usual lately. This is per the security's Schaeffer's put/call open interest ratio (SOIR) of 0.41, which ranks higher than 92% of annual readings.