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SLM (NYSE: SLM) is recently at $20 in pre-open trading below its close of $22.13.
SLM said it will sell $2.5 billion in stock and other securities to raise cash needed to settle contracts under which it effectively bet that its own stock would not decline by a large amount in price.
Thomas Weisel lowered its price target on SLM from $31 to $25.
SLM January option implied volatility is at 79; February is at 85; above its 26-week average of 47 according to Track Data, suggesting larger price movements.
Options Update is provided by Stock Specialist Paul Foster of theflyonthewall.com
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