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FBP - Another bearish bet on a bank

06/17/2010 03:09 PM by Dave Pinsen

Headquartered on Ponce De Leon* Ave in San Juan, Puerto Rico, FBP does business there as well as in the Virgin Islands and on the mainland in Florida. Earlier this month, the FDIC asked it to raise capital.

This stock is only trading at $1, but it has options traded on it. I bought a few of the Dec $2.5s today.

*At first, I assumed this street was named after the explorer. Then I saw that his eponymous grandson was an early governor of Puerto Rico ( http://en.wikipedia.or... ).

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  • 06/17/2010 08:34 PM by Dave Pinsen

    Down another 9% after hours.

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  • 06/18/2010 01:02 PM by Dave Pinsen

    Forgot to mention the price I bought these at: $1.70.

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