Archer-Daniels-Midland Stock Plummets Amid SEC Probe

ADM is trading at nearly 3-year lows

Deputy Editor
Jan 22, 2024 at 10:44 AM
facebook X logo linkedin


The shares of Archer-Daniels-Midland Co (NYSE:ADM) are plummeting today, after the food processing giant placed CFO Vikram Luthar on administrative leave due to an investigation into accounting practices in its nutrition unit, per the U.S. Securities and Exchange Commission (SEC). The company also announced lower-than-expected fourth-quarter guidance, after which Barclays downgraded the stock to "underweight" from "overweight" and cut its price target to $60 from $95. 

At last glance, ADM was down 19.4% at $54.94, its lowest levels since February 2021. The stock is on the short sell restricted (SSR) list today amid the volatility, and currently down 35.2% since last January. 

Over in the options pits, 12,000 calls and 13,000 puts have been exchanged so far, which is five times the average options volume typically seen at this point. The weekly 1/26 50-strike put is the most popular, with new positions being bought to open there. 

Puts were popular leading up to today's trading. ADM's 10-day put/call volume ratio of 1.92 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks higher than 90% of readings from the past year, showing options bears chiming in at a much faster-than-usual rate. 

 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI