Members of the United Auto Workers (UAW) union walked out of Ford's Kentucky facility
Ford Motor Co (NYSE:F) stock is down 2.5% to trade at $11.95 at last check, following news that 8,700 members of the United Auto Workers (UAW) union walked out of the car manufacturer's Kentucky plant as part of their strike. The facility is the biggest in terms of workers and revenue, with production of pickup trucks now halted.
A long-term floor at the $11.70 region is containing today's pullback, and Ford Motor stock still sports a 7.5% year-to-date lead. The shares have struggled to conquer the $12.90 level after cooling from their July 5, one-year high of $15.42, and are now facing pressure at their 20-day moving average.
Options bears are already chiming in, with 23,000 puts exchanged so far, which is double the volume that is typically seen at this point. Most popular by far is the November 12 put.
Those looking to weigh on F's next moves should consider options. The equity's Schaeffer's Volatility Index (SVI) of 32% sits in the 16th percentile of its annual range, meaning options traders are pricing in relatively low volatility expectations.