Trading in HSBC options jumped Friday to eight times the normal daily volume. Investors picked up 70,000 puts, which let them sell the bank’s stock, and 11,000 calls that allow them to buy it, according to Trade Alert. Traders took up bearish up positions and flocked to September $75 puts, in particular, which were priced at $4.40 and make money if HSBC’s American depositary shares fall below $70.60 before Sept. 19. Such a move would represent an 8% drop from Friday’s close. The shares fell $1.39 to $76.55 as of 4 p.m. in New York Stock Exchange composite trading.
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