Sidewinder Update: Petrobras (NYSE: PBR), Kinross Gold (NYSE: KGC)

Brazilian oil name Petrobras (NYSE: PBR) did not announce any news this morning, but the stock is currently up nearly 4% to $39.68 so far today. More than 17,300 front-month February 39 puts changed hands during the first hour of trading. The majority of these options traded at 85 cents per contract, which was below the bid price at the time. Current open interest of these puts is currenlty 3,300 contracts, suggesting investors took a moderately bullish position and called for limited downside in the stock.

Kinross Gold Corp. (NYSE: KGC) shares climbed 66 cents, or nearly 4%, to $17.31 during the first hour of trading. The company is scheduled to announce earnings figures on Feb. 17 after the market closes, and investors expect earnings of 16 cents a share. More than 13,800 March 17 calls traded out of the gate, and several blocks crossed the tape at a premium of $1.30 per contract. This action suggests investors bought these options on a bet that the stock could climb even further prior to March options expiration in 38 days.