Heavy Put Action in Comerica

Comerica (NYSE: CMA), a regional bank, is receiving a plethora of put activity today. I am detecting 5,000 of the May $42.50 puts traded in addition to 5,000 July $40/35 put spreads. This action is largely bearish and has pushed Comerica’s put/call ratio to 16x its norm.

Given the 50 and 200-day moving average levels, I t appears that the large put spread in Comerica is betting that the stock breaks down, though the 50-day, but hold the 200-day.