NEW YORK (Reuters) - Put buyers were driving a second day of heavy volume in GT Advanced Technologies Inc's options and the company's shares were down 1.5 percent on Tuesday as a week-long slide in the company's shares continued.
GT's shares had plunged in their heaviest-ever trading day on Sept. 9 after Apple Inc
Buyers paying 35 to 40 cents for GT puts at the $10 strike price that are set to expire on October 3 dominated the options flow on Tuesday, with about 6,000 contracts trading, said Henry Schwartz, president of options analytics firm Trade Alert.
The shares were last down 18 cents at $11.70.
GT shares would have to drop below $9.60-$9.65 by the October expiration for the trader to make a profit if they held on to the puts till expiration.
About 55,000 puts and 17,000 calls traded as of 1:33 p.m. EDT on Tuesday, according to Trade Alert data. This follows 47,594 puts and 29,968 calls that traded on Monday.
GT shares have shed about 32 percent of their value since Sept. 9 when Apple unveiled its new iPhones, but the shares still remain up about 33 percent year-to-date.
(Reporting by Saqib Iqbal Ahmed; Editing by Nick Zieminski)
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