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With Ireland tapping into EU and IMF funds, the market is pricing the supposed losers of this Euro-drama. Below we have compiled a list of European stocks with a large number of open put option positions relative to call option positions (i.e. bearish options market sentiment).

To compile the list, we started with a universe of over 120 European stocks and then ranked them according to the Put/Call ratios.

Options traders expect to see these stocks to see losses over coming weeks--what do you think?

Short float data sourced from Finviz, options data sourced from Schaeffer's. (Note: Options data was collected on Monday evening.)

click for expanded image

The list has been sorted by the Put/Call ratio.

1. Luxottica Group SpA (NYSE:LUX): Italy. Specialty Retail Industry. Market cap of $12.77B. Call open interest at 126 contracts vs. put open interest at 1,152 contracts (Put/Call ratio at 9.14). Short float at 0.65%, which implies a short ratio of 9.4 days. The stock has gained 15.18% over the last year.

2. Autoliv, Inc. (NYSE:ALV): Sweden. Auto Parts Industry. Market cap of $6.68B. Call open interest at 988 contracts vs. put open interest at 4,665 contracts (Put/Call ratio at 4.72). Short float at 5.15%, which implies a short ratio of 4.84 days. The stock has gained 91.33% over the last year.

3. Altisource Portfolio Solutions S.A. (NASDAQ:ASPS): Luxembourg. Mortgage Investment Industry. Market cap of $692.17M. Call open interest at 543 contracts vs. put open interest at 2,061 contracts (Put/Call ratio at 3.8). Short float at 1.14%, which implies a short ratio of 1.52 days. The stock has gained 64.1% over the last year.

4. Telefonica, S.A. (NYSE:TEF): Spain. Telecom Services Industry. Market cap of $110.52B. Call open interest at 1,451 contracts vs. put open interest at 4,944 contracts (Put/Call ratio at 3.41). Short float at 0.99%, which implies a short ratio of 2.47 days. The stock has lost -8.56% over the last year.

5. Crucell NV (NASDAQ:CRXL): Netherlands. Biotechnology Industry. Market cap of $2.65B. Call open interest at 1,282 contracts vs. put open interest at 3,357 contracts (Put/Call ratio at 2.62). Short float at 0.32%, which implies a short ratio of 0.59 days. The stock has gained 49.95% over the last year.

6. ASML Holding NV (NASDAQ:ASML): Netherlands. Semiconductor Equipment & Materials Industry. Market cap of $15.1B. Call open interest at 3,255 contracts vs. put open interest at 8,507 contracts (Put/Call ratio at 2.61). Short float at 0.96%, which implies a short ratio of 1.67 days. The stock has gained 16.53% over the last year.

7. ARM Holdings plc (NASDAQ:ARMH): United Kingdom. Semiconductor Industry. Market cap of $8.21B. Call open interest at 16,816 contracts vs. put open interest at 41,391 contracts (Put/Call ratio at 2.46). Short float at 2.74%, which implies a short ratio of 3.44 days. The stock has gained 148.4% over the last year.

8. SAP AG (NYSE:SAP): Germany. Application Software Industry. Market cap of $58.72B. Call open interest at 11,056 contracts vs. put open interest at 21,595 contracts (Put/Call ratio at 1.95). Short float at 0.95%, which implies a short ratio of 5.03 days. The stock has gained 5.08% over the last year.

9. Banco Bilbao Vizcaya Argentaria, S.A. (NYSE:BBVA): Spain. Regional Banks Industry. Market cap of $41.86B. Call open interest at 6,861 contracts vs. put open interest at 12,254 contracts (Put/Call ratio at 1.79). Short float at 0.22%, which implies a short ratio of 3.73 days. The stock has lost -38.53% over the last year.

10. Arcelor Mittal (NYSE:MT): Luxembourg. Steel & Iron Industry. Market cap of $50.33B. Call open interest at 39,399 contracts vs. put open interest at 66,254 contracts (Put/Call ratio at 1.68). Short float at 2.03%, which implies a short ratio of 3.65 days. The stock has lost -9.99% over the last year.

11. Anheuser-Busch InBev (NYSE:BUD): Belgium. Beverages Industry. Market cap of $97.73B. Call open interest at 2,162 contracts vs. put open interest at 3,611 contracts (Put/Call ratio at 1.67). Short float at 0.3%, which implies a short ratio of 2.64 days. The stock has gained 21.48% over the last year.

12. Tsakos Energy Navigation Ltd. (NYSE:TNP): Greece. Shipping Industry. Market cap of $450.77M. Call open interest at 1,385 contracts vs. put open interest at 2,171 contracts (Put/Call ratio at 1.57). Short float at 0.56%, which implies a short ratio of 0.67 days. The stock has lost -40.15% over the last year.

13. Lloyds Banking Group plc (NYSE:LYG): United Kingdom. Banking Industry. Market cap of $69.86B. Call open interest at 5,324 contracts vs. put open interest at 7,996 contracts (Put/Call ratio at 1.5). Short float at 0.03%, which implies a short ratio of 0.39 days. The stock has lost -29.43% over the last year.

14. Aegean Marine Petroleum Network Inc. (NYSE:ANW): Greece. Basic Materials Wholesale Industry. Market cap of $467.84M. Call open interest at 4,403 contracts vs. put open interest at 6,572 contracts (Put/Call ratio at 1.49). Short float at 10.16%, which implies a short ratio of 4.06 days. The stock has lost -63.67% over the last year.

15. HSBC Holdings plc (HBC): United Kingdom. Banking Industry. Market cap of $184.87B. Call open interest at 107,518 contracts vs. put open interest at 159,336 contracts (Put/Call ratio at 1.48). Short float at 0.11%, which implies a short ratio of 1.56 days. The stock has lost -11.94% over the last year.

16. National Bank of Greece SA (NYSE:NBG): Greece. Banking Industry. Market cap of $5.7B. Call open interest at 9,780 contracts vs. put open interest at 14,385 contracts (Put/Call ratio at 1.47). Short float at 0.67%, which implies a short ratio of 4.09 days. The stock has lost -72.02% over the last year.

17. Logitech International SA (NASDAQ:LOGI): Switzerland. Computer Peripherals Industry. Market cap of $3.67B. Call open interest at 5,455 contracts vs. put open interest at 7,783 contracts (Put/Call ratio at 1.43). Short float at 19.45%, which implies a short ratio of 17.48 days. The stock has gained 22.82% over the last year.

18. Barclays PLC (NYSE:BCS): United Kingdom. Banking Industry. Market cap of $52.08B. Call open interest at 29,275 contracts vs. put open interest at 41,130 contracts (Put/Call ratio at 1.4). Short float at 0.09%, which implies a short ratio of 0.93 days. The stock has lost -13.42% over the last year.

19. Eni SpA (NYSE:E): Italy. Major Integrated Oil & Gas Industry. Market cap of $88.4B. Call open interest at 157 contracts vs. put open interest at 214 contracts (Put/Call ratio at 1.36). Short float at 0.05%, which implies a short ratio of 1.03 days. The stock has lost -6.09% over the last year.

20. National Grid plc (NYSE:NGG): United Kingdom. Gas Utilities Industry. Market cap of $32.75B. Call open interest at 183 contracts vs. put open interest at 248 contracts (Put/Call ratio at 1.36). Short float at 0.06%, which implies a short ratio of 0.61 days. The stock has lost -7.01% over the last year.

21. Navios Maritime Partners L.P. (NYSE:NMM): Greece. Shipping Industry. Market cap of $768.97M. Call open interest at 670 contracts vs. put open interest at 895 contracts (Put/Call ratio at 1.34). Short float at 1.5%, which implies a short ratio of 1.64 days. The stock has gained 45.2% over the last year.

22. Warner Chilcott plc (NASDAQ:WCRX): Ireland. Drug Manufacturers Industry. Market cap of $5.12B. Call open interest at 12,987 contracts vs. put open interest at 17,188 contracts (Put/Call ratio at 1.32). Short float at 1.74%, which implies a short ratio of 1.46 days. The stock has gained 24.34% over the last year.

23. Repsol YPF SA (REP): Spain. Major Integrated Oil & Gas Industry. Market cap of $32.33B. Call open interest at 1,615 contracts vs. put open interest at 2,108 contracts (Put/Call ratio at 1.31). Short float at 0.24%, which implies a short ratio of 3.44 days. The stock has gained 1.77% over the last year.

24. Royal Bank of Scotland Group plc (NYSE:RBS): United Kingdom. Foreign Bank. Market cap of $79.36B. Call open interest at 967 contracts vs. put open interest at 1,250 contracts (Put/Call ratio at 1.29). Short float at 0.05%, which implies a short ratio of 1.57 days. The stock has gained 11.81% over the last year.

25. Compagnie G (CGV): France. Oil & Gas Equipment & Services Industry. Market cap of $3.68B. Call open interest at 335 contracts vs. put open interest at 431 contracts (Put/Call ratio at 1.29). Short float at 0.36%, which implies a short ratio of 5.83 days. The stock has gained 13.96% over the last year.

Disclosure: No positions

Source: Irish Fallout: 25 European Stocks With Bearish Options Sentiment