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Wells Fargo (NYSE: WFC) is recently down 83 cents to $25.29. Smith Barney said on January 17, "We are reducing our target price to $28 from $31 to reflect lower estimates as well as higher risk outlook due to acceleration in credit costs." WFC call option volume of 25,708 contracts compares to put volume of 27,354 contracts. WFC February option implied volatility of 55 is above its 26-week average of 33 according to Track Data, suggesting larger price risks.
Options Update is provided by Stock Specialist Paul Foster of theflyonthewall.com
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