Clariant Revamp Makes Chemical Maker Target for BASF: Real M&A

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Clariant Revamp Makes Chemical Maker Target for BASF: Real M&A 2014-10-01 22:57:48.303 GMT

(For a Real M&A column news alert: {SALT REALMNA <GO>}.)

By Brooke Sutherland and Patrick Winters Oct. 2 (Bloomberg) -- This may be the year for some dealmaking chemistry between Clariant AG and potential buyers. In his six years as the $5.7 billion company’s Chief Executive Officer, Hariolf Kottmann has used acquisitions and almost $1 billion in divestitures to lift the chemical producer’s profitability. With net income projected to rise next year to the highest since 2000, the new and improved Clariant may entice both private-equity buyers and other chemical makers, according to shareholder Alpine Woods Capital Investors LLC. Clariant’s Swiss headquarters could also make it a candidate for a tax-inversion transaction. After the overhaul, “they’ve got a number of businesses that are in really good niches, so good growth, high margins, high return on capital and cash generative,” Brian Hennessey, a fund manager at Purchase, New York-based Alpine Woods, which oversees about $4.5 billion, including Clariant shares, said in a phone interview. “This is the Holy Grail” for a buyer. BASF SE, the world’s largest chemical producer, may be interested in a takeover, said Kepler Cheuvreux. Evonik Industries AG, the $16 billion German chemical maker, could see benefits from a deal with Clariant, said Zuercher Kantonalbank. The company may command at least a 21 percent premium, according to Bank Vontobel AG. An acquisition would add to the busiest year for chemical dealmaking since 2008, with more than $55 billion in takeovers announced so far. Kai Rolker, a spokesman for Clariant, declined to comment.

Targeting Growth

Deals are on the rise as companies seek to expand in specialty chemicals and add growth, said Jeffrey Stafford, a Chicago-based analyst at Morningstar Inc. Eastman Chemical Co. agreed last month to buy Taminco Corp., a producer of alkylamines whose sales are projected to grow at a faster pace than its own. Albemarle Corp. brokered a deal in July for lithium producer Rockwood Holdings Inc., saying it expected demand for the lightweight metal used in smartphones and electric cars to surge. Similar motivations could drive suitors to Clariant. Kottmann, a 30-year veteran of the chemical industry who took over as CEO in 2008, has overhauled the company to make it more profitable, with a focus on areas such as catalysts for the petrochemical industry, agrochemicals and ingredients for shampoos and moisturizers.

Nice Mix

Clariant’s revamp included the acquisition of German catalyst-maker Sued-Chemie AG in 2011 and the shedding of less- profitable units making commodity chemicals for paper, leather and textiles. Net income is set to jump to 404 million Swiss francs ($422 million) next year, compared with a loss the year Kottmann took over. “Since they finished the restructuring, portfolio reshuffling and integration of Sued-Chemie, they’ve got a really nice mix of businesses,” Patrick Rafaisz, a Zurich-based analyst at Bank Vontobel, said by phone. “If any major deal would happen in Europe, Clariant is definitely one of the top picks for any global diversified chemical company.” Buyers can still get Clariant for a relative bargain. The maker of pearlizing concentrates for shampoo trades at about 9 times its earnings before interest, taxes, depreciation and amortization in the last year. That’s a discount to the median multiple of 11 for similar-sized peers, according to data compiled by Bloomberg. Rafaisz said a sale price of at least 20 Swiss francs a share would be fair, or 21 percent more than its closing price yesterday.

‘Hidden Gem’

Clariant could appeal to private-equity investors, who may be tempted by the chance to snap up a “hidden gem” with potential for significant cash generation, Hennessey of Alpine Woods said. Chemical producers may be interested in Clariant’s focus on higher-margin businesses, and the company’s market value of less than $6 billion would make it easily digestible for a larger diversified competitor, he said. A combination between Clariant and Evonik, a $16 billion German chemical company, would yield substantial synergies and present no significant antitrust issues, Martin Schreiber, a Zurich-based analyst at Zuercher Kantonalbank, wrote in an e- mail. Schreiber pointed to Dow Chemical Co. as another potential buyer to consider, while Kepler Cheuvreux analysts in a report last week highlighted Clariant as an appealing target for Germany’s BASF, which was valued at $82 billion yesterday.

Prior Speculation

BASF and Dow have been speculated as buyers for Clariant before. In 2008, when Clariant was roiled by disappointing earnings, analysts saw the conglomerates as potential acquirers. Representatives for Evonik, BASF and Midland, Michigan- based Dow declined to comment. There are other possible targets in the chemicals industry that buyers may pounce on first. Carlyle Group LP is open to bids for its Axalta Coating Systems as it simultaneously plans an initial offering for the business it bought from DuPont Co. in 2013, people familiar with the matter said last month, asking not to be identified because the plan is private. In a report this week, Laurence Alexander of Jefferies LLC highlighted Croda International Plc, a $4.4 billion maker of cosmetics ingredients, and $6.1 billion methanol producer Methanex Corp. as some of the most likely next targets. Representatives for U.K.-based Croda and Vancouver-based Methanex didn’t respond to requests for comment. While Clariant may not be the only target, it could be hard to overlook. Clariant is a “company that overall is trading at a below- peer group, or below-market multiple, that has the majority of its earnings and cash flow with those better characteristics,” Hennessey of Alpine Woods said. “It seems like that’s what the acquirers are after.”

For Related News and Information: Clariant Chief Blunts Activist Interest by Fast Transformation NSN N7RQFT6S972Q <GO> Akzo Nobel Said to Be Sounded Out for $7 Billion Axalta Deal NSN NB9XN76VDKI1 <GO> Largest Lithium Deal Spurred by Smartphones, Teslas: Commodities NSN N8TJON6JTSEI <GO> Bloomberg Intelligence - Specialty Chemicals: BI SPCH <GO> Clariant’s M&A news: CLN VX <Equity> TCNI MNA <GO> Real M&A columns: NI REALMNA <GO> Top deal stories: DTOP <GO>

--With assistance from Jack Kaskey in Houston and Sheenagh Matthews in Frankfurt.

To contact the reporters on this story: Brooke Sutherland in New York at +1-212-617-0448 or bsutherland7@bloomberg.net; Patrick Winters in Zurich at +41-44-224-4117 or pwinters3@bloomberg.net To contact the editors responsible for this story: Beth Williams at +1-212-617-2307 or bewilliams@bloomberg.net; Simon Thiel at +44-20-7673-2814 or sthiel1@bloomberg.net Whitney Kisling

WSJ : Pimco September Total Return Fund Net Outflow $23.5 Billion

Pimco September Total Return Fund Net Outflow $23.5 Billion
Investors Pulled Most Money on Day of Bill Gross Departure

Pacific Investment Management Co. said investors pulled $23.5 billion from the Pimco Total Return fund in September, the largest monthly outflow at the firm ever and the latest sign of the fallout from the abrupt departure Friday of the bond world's biggest name, Pimco founder Bill Gross.

Pimco said in a statement Wednesday afternoon that the largest daily outflow took place the day Mr. Gross resigned to take a position at Denver-based Janus Capital Group Inc. JNS -1.31% A spokesman for Pimco declined to comment.

The company statement said investor outflows were "considerably smaller" Monday and Tuesday, without giving figures.

"We are confident that the vast majority of them will continue to stand with Pimco as we demonstrate why we have earned the reputation as one of the world's premier investment managers," the Newport Beach, Calif.-based firm said in the statement.

The Pimco Total Return fund, which held $222 billion in assets at the end of August, already has seen more than $65 billion leave the fund since May 2013. In August, the fund saw a net $3.94 billion in redemptions.

>>> US Close Dow -1,40% S&P -1,33% Nasdaq -1,59% Russell -1,47% (

Closing Market Summary: Stocks Begin Q4 on Defensive Note

The stock market began October and the fourth quarter on a defensive note. The major averages spent the day in a steady decline with the Nasdaq Composite leading the slide. The tech-heavy index lost 1.6%, while the S&P 500 (-1.3%) sliced through its 100-day moving average (1958) with nine sectors ending in the red.

Equities were pressured from the start with a disappointing set of Manufacturing PMI figures from the eurozone weighing on sentiment. The region-wide reading slipped to 50.3 (expected 50.5) and was driven in part by Germany's decline to 49.9 from 50.3 (consensus 50.3).

Once the U.S. session got going, the key indices slumped amid early weakness in the industrial sector (-1.9%). In turn, the growth-sensitive group suffered from notable losses in airlines, stemming from concerns about the first case of Ebola in the United States. Delta Air Lines (DAL 34.90, -1.25) and Southwest (LUV 32.55, -1.22) both lost near 3.5%, while the Dow Jones Transportation Average tumbled 2.5%.

Elsewhere, the financial sector (-1.2%) was the only cyclical group that ended ahead of the broader market, but its outperformance hardly qualified as "strength."

Meanwhile, the top-weighted sector—technology (-1.6%)—suffered from weakness among high-growth areas like chipmakers and social media stocks. All 30 components of the PHLX Semiconductor Index (-2.4%) ended in the red with Skyworks (SWKS 53.31, -4.74) registering the largest decline. The stock sank 8.2% amid concerns about slowing 4G smartphone demand in China.

As for social media names, Facebook (FB 76.56, -2.48) slumped 3.1%, while LinkedIn (LNKD 203.08, -4.71), Twitter (TWTR 50.06, -1.52), and Yelp (YELP 67.11, -1.14) lost between 1.7% and 3.0%.

While most cyclical groups spent the entire day in the red, the energy sector (-1.9%) made a brief appearance in the green. The short-lived advance took place during a late morning rally in crude oil futures. The energy component was up as much as 2.0%, but slumped into the close to end lower by 0.4% at $90.75/bbl.

Meanwhile, the other commodity-linked sector—materials—ended at the bottom of the leaderboard despite an uptick in mining shares. The Market Vectors Gold Miners ETF (GDX 21.40, +0.04) tacked on 0.2% as gold futures added 0.3% ($1215.40/ozt) and silver futures rallied 1.2% ($17.27/ozt). However, chemical producers struggled after Mosaic (MOS 43.23, -1.18) issued a disappointing forecast.

Unlike the cyclical sectors, the four countercyclical groups ended ahead of the broader market. Health care (-1.0%) was able to finish ahead of the S&P 500 even as biotechnology lagged with the iShares Nasdaq Biotechnology ETF (IBB 269.43, -4.20) surrendering 1.5%.

On the upside, the utilities sector (+0.5%) spent the day in the green to extend this week's gain to 1.3%. The outperformance of the rate-sensitive sector resulted from its defensive nature and a drop in long-term rates, while a 1.4% gain in Exelon (EXC 34.57, +0.48) provided added support. Shares of EXC advanced after being upgraded to ‘Buy' at ISI Group.

Treasuries climbed throughout the session with the 10-yr note registering a 27-tick gain. The benchmark yield fell ten basis points to 2.40%.

Today's sell off saw above-average participation as more than 845 million shares changed hands at the NYSE.

Economic data included Construction Spending, ISM Index, ADP Employment Survey, and the MBA Mortgage Index:
  • Construction spending fell 0.8% in August after increasing a downwardly revised 1.2% (from 1.8%) in July, while the consensus expected an increase of 0.5% 
    • Private construction spending fell 0.8% in August, nearly giving back its entire 0.9% increase from July 
    • Public construction spending fell 0.9% in August after increasing 2.1% in July 
  • The ISM Manufacturing Index fell to 56.6 in September from 59.0 in August, while the consensus expected a drop to 58.5 
    • Most of the regional Federal Reserve manufacturing surveys showed solid gains in September, which contrasted with the pullback recorded in the national index 
    • The Backlog of Orders Index contracted, falling from 52.5 in August to 47.0 in September, while the New Orders Index dropped to 60.0 from 66.7 
  • The ADP National Employment Report revealed that employment in the nonfarm private business sector rose 213K in September, while the consensus expected an increase of 202K 
    • The August reading was revised down to 202,000 from 204,000 
  • The weekly MBA Mortgage Index slipped 0.2% to follow last week's decline of 4.1% 
Tomorrow, the Challenger Job Cuts report for September will be released at 7:30 ET, while weekly Initial Claims (consensus 297K) and Factory Orders for August (consensus -9.3%) will be released at 8:30 ET and 10:00 ET, respectively.
  • Nasdaq Composite +5.9% YTD 
  • S&P 500 +5.3% YTD 
  • Dow Jones Industrial Average +1.4% YTD 
  • Russell 2000 -6.6% YTD

>>> US Close Snapshot. (

US Indices: - Dow Jones -1.2% - S&P500 -1.3% - Nasdaq -1.5%

- Safe-haven Utilities sector is marginally higher, while the rest of the market is broadly soft. Basic Materials, Industrials, Tech, and Services are the worst performing sectors. COP and APC are leading oil majors with a 2% drop, while SLB and HAL are down 3%. In tech, HP and INTC are off by 2.5%. Cruises and travel leisure are also hit hard by Ebola scare - EXPE off by 3.2% and CCL is off by 2.6%. NRG is a particularly bright spot among utilities with a 2.3% rise.

US Fixed-Income: US Treasuries saw a solid bid across the curve, sending yields to multi-week lows. ISM Manufacturing PMI fell to 3-month lows, arresting a trend of consecutive increases. Wider macro themes of renewed Ukraine conflict, Hong Kong protests, and Ebola outbreak worries are adding to the risk-off theme.

- 2-yr: -4bps at 0.52% - 10-yr: -5bps at 2.40%; lowest since Sept 5th - 30-yr: -4bps at 3.12%; 1-month low - 2-10 spread: 1.92%

Energy: - WTI Nov crude oil contract at $90.61/brl, down sharply for the 2nd consecutive session, testing last week's lows below $90.50. The uptick from a bullish inventories report from the DOE has been fully reversed by the overall risk-off sentiment. Tepid China manufacturing PMI and Ebola-related airline weakness also cited.

Metals: - Spot Gold $1,215/oz, AM rally stopped short of the overnight highs around $1,220; still marks the largest session increase in a month. - Spot Silver $17.20/oz; moderate recovery to a session high of $17.45, largest session increase in about 3 months. - Dec Copper $3.03/lb, at the midpoint of $3.01-05 range; Downtrend remains intact.

Earnings at the close: - no major earnings

Looking ahead to Asia: - Australia Trade Balance, Building Approvals 21:30ET - Eye on Hong Kong and the deadline imposed by Occupy Central leaders for Chief Exec CY Leung to step down

(BFW) Iraq Kurds to Talk Oil Soon With Central Govt: Jawdat

CORRECT: Iraq Kurds to Talk Oil Soon With Central Govt: Jawdat
2014-10-01 19:53:37.362 GMT


By Khalid Al-Ansary
Oct. 1 (Bloomberg) -- (Corrects end-2015 plans to output in
penultimate paragraph.) Iraq’s self-ruled Kurds to start talks
to end disputes over financial, oil issues with central govt,
Sherko Jawdat, chairman of Kurdish parliament’s energy
committee, says in Erbil intw.
* Kurds agree to share oil data with central govt, Kurds to
keep control of own oil output, exports
* Central govt agreed to send soon to Kurdistan Regional
Government $2b, which represent Kurds’ share of federal
budget for mos. of Aug., Sept.
* Iraq Kurds’ current crude output 320k b/d, current crude
exports 200k b/d; Kurds to boost crude output to 500k b/d by
yr-end and 1m b/d by end-2015
* NOTE: Gulf Keystone Staff Return to Kurdistan to Increase
Oil Output NSN NCRDRR6S9735 <GO>


For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>

To contact the reporter on this story:
Richard Stubbe in Houston at +1-713-547-8410 or
rstubbe1@bloomberg.net
To contact the editors responsible for this story:
David Marino at +1-212-617-1894 or
dmarino4@bloomberg.net

(BFW) Rocket Internet Prices IPO at EU42.50/Shr, Top of Range

MORE: Rocket Internet Prices IPO at EU42.50/Shr, Top of Range
2014-10-01 17:57:07.572 GMT


By Jim Silver
Oct. 1 (Bloomberg) -- Rocket sells 32.9m new shrs;
overallotment 4.94m shrs, co. says in statement.
* IPO price gives co. market value ~EU6.7b, co. says
* Offering received >10x demand at top end of price range, co.
says
* IPO to raise gross proceeds EU1.4b for co., EU1.6b if
greenshoe option fully exercised, co. says
* Offering represents 21.5% stake, or 24% stake if greenshoe
fully exercised, Rocket says
* No existing shareholders sold any shrs in the IPO
* Rocket committed to six-month lockup period
* NOTE: Rocket to debut on Frankfurt stock exchange tomorrow
* NOTE: Last week, co. almost doubled its target for proceeds
to EU1.4b, advanced date of listing after winning
commitments to buy shrs from JPMorgan Chase, Scotland’s
Baillie Gifford
* NOTE: Berenberg Bank, JPMorgan Chase, Morgan Stanley
arranged sale; Bank of America’s Merrill Lynch, Citigroup,
UBS joint bookrunners


Story Link:NSN NCS1GX6KLVRD<GO>

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First Word newswire: NH BFW<GO>

--With assistance from Aaron Kirchfeld and Ruth David in London.


To contact the reporter on this story:
Jim Silver in New York at +1-212-617-7342 or
jsilver@bloomberg.net
To contact the editors responsible for this story:
Andrea Snyder at +1-202-624-1831 or
asnyder5@bloomberg.net

Reuters - ENI - Large part of Eni's Nigerian oil deal cash went on bribes -Itali

Large part of Eni's Nigerian oil deal cash went on bribes -Italian prosecutors {http://bit.ly/Zsq9fk}
Wed Oct 1, 2014 6:00pm GMT Print | Single Page [-] Text [+]
* Half of $1.1 bln paid for oil field went on bribes-prosecutors

* Case relates to Eni's 2011 purchase of OPL 245 offshore field

* Eni's former and current CEO under investigation in the case

* Eni executives and company deny wrongdoing

By Emilio Parodi and Oleg Vukmanovic

MILAN, Oct 1 (Reuters) - Italian prosecutors investigating state-backed firm Eni SpA over the purchase of a Nigerian oil field three years ago allege that at least half of the $1.1 billion paid was used to bribe local politicians, intermediaries and others, according to official documents and a person close to the investigation.

The Milan prosecutors have placed the Italian oil company, its former chief executive Paolo Scaroni and current CEO Claudio Descalzi under investigation for alleged international corruption surrounding the deal for the OPL 245 offshore oil field concession.

Eni and both managers, neither of whom have been charged, have denied any wrongdoing.

Calling on their UK counterpart to assist in freezing suspect assets, Italian prosecutors said in a letter to the UK's Crown Prosecution Service (CPS) seen by Reuters that at least $533 million was paid to Nigerian officials and intermediaries who helped secure the sale.

The case has been a setback for the government of Prime Minister Matteo Renzi, because Italy's 39-year-old leader hand-picked company veteran Descalzi to run Eni as part of a recent management overhaul at the country's state-controlled companies. Renzi has publicly supported Descalzi and said no conclusions should be drawn before the investigation is completed.

Eni and Royal Dutch Shell, which is not under investigation, bought the rights to the OPL 245 offshore oil licence block from the Nigerian government in 2011.

Production from the deepwater oil field is expected to begin in 2016 with the field estimated to hold up to 9.23 billion barrels of crude, equivalent to nearly a quarter of the country's total proven reserves, according to industry figures.

An aide to Renzi told Reuters the case involving Eni, which is Italy's biggest company by market capitalisation and the state's biggest asset, was "not a big cause for concern at the moment."

As part of their investigation, the Italian prosecutors in May asked the UK's CPS to freeze $85 million in assets related to a Nigerian company, Malabu Oil & Gas, that prosecutors say was involved in the sale, according to a copy of the official request sent by the Milan investigators and seen by Reuters.

ARMOURED CARS

In the letter, the Italian prosecutors alleged that Scaroni and Descalzi oversaw the payments to parties who helped secure the sale. In a second letter they alleged that some of the ultimate recipients of alleged bribes used the money to buy aircraft and armoured cars.

"We are investigating many money transfers to many people in various countries who received sums that vary from millions of dollars to thousands of dollars," the prosecutors said in the follow-up letter, seen by Reuters.

In response to the requests London's Southwark Crown Court last month granted an order to seize the $85 million in assets related to Malabu, according to a judicial source.

London's Metropolitan Police has also been investigating aspects of the Nigerian deal since last year. A police spokesman said the inquiry into allegations of money laundering is continuing.

Descalzi and Scaroni, in statements and through their lawyers, denied that they were involved in any illegal behaviour. Descalzi also told Eni employees in an email seen by Reuters that he had not engaged in any wrongdoing.

After a board meeting last week Eni also reiterated that the company had not engaged in any wrongdoing and that it had "full confidence that Descalzi had acted properly."

OWNERSHIP DISPUTE

The OPL 245 block licence has long been the subject of dispute. It was first awarded a decade ago by military dictator Sani Abacha to Malabu Oil & Gas for a publicly-stated $20 million.

After the death of Abacha, a new Nigerian government annulled the deal. Malabu's licence was reinstated in 2006.

Reuters was not able to locate Malabu for comment, and it is unclear whether the company still exists.

Nigeria's Economic and Financial Crimes Commission, a government agency, did not reply to questions sent by Reuters asking about the investigation by Italian prosecutors.

Shell, which is not under investigation in any case, released a statement saying: "Shell companies have acted at all times in accordance with both Nigerian law and the terms of the OPL 245 resolution agreement with."

(ZH) Goldman Global Leading Indicator Drastically Revised, Collapses Into "C

Goldman Global Leading Indicator Drastically Revised, Collapses Into "Confirmed Slowdown"

Just 2 short weeks ago, Goldman nervously admitted that possibly perhaps maybe their Global Leading Indicator was indicating a "slowdown" was coming, but remained hopeful that the rest of the month would see data pick up and prove them wrong. Now that the final data has been released for the various components of the index, the 'exuberant' recovery of the last few months has been massively revised lower. As Goldman itself notes, the September Final GLI came in at 2.6% YoY, providing a clear signal of "Slowdown", with the data now in hand further suggesting that the GLI first may haveentered the ‘Slowdown’ phase back in July.

 

Via Goldman Sachs,
The September Final GLI came in at 2.6%yoy, a decline relative to the August reading. Momentum decreased to 0.15%mom relative to last month’s reading of 0.29%. Although the degree of deceleration remains quite modest, theSeptember GLI print provides a clear signal of ‘Slowdown’, with the data now in hand further suggesting that the GLI first may have entered the ‘Slowdown’ phase back in July.
This comes after an initial August reading that still placed the GLI in ‘Expansion’, but very close to Slowdown, and after both the September and August Advanced GLI readings placed the cycle in the ‘Slowdown’ phase.

 

Red arrows show the revisions from last month...

 

Components mixed
Six of the ten underlying components of the GLI worsened in September. Three of last month’s four improving components came in softer.
The September Final GLI places the global industrial cycle in the ‘Slowdown’ phase, which is defined by positive but decreasing momentum. This may be driven by some data coming in lower after fairly high prints in previous months, such as the Global PMI and NOIN. Along with the Advanced GLI readings in August and September, which located the GLI in ‘Slowdown’, this Final GLI reading comes in a broader context of stable and compressed growth, where small changes may lead to shifts in cycle phases.

>>> US Options

Bullish Call Activity:

* MCHP Oct 48 and 47 calls are seeing interest. The MCHP Oct 48 calls (volume: 2890, open int: 3720, implied vol: ~26%, prev day implied vol: 20%) and MCHP Oct 47 calls (volume: 1420, open int: 370, implied vol: ~24%, prev day implied vol: 21%)  -- co is expected to report earnings late October. * BWA Oct 55 calls are seeing interest with relative strength in the underlying stock -- rebounding off multi-month lows (volume: 3010, open int: 220, implied vol: ~27%, prev day implied vol: 21%)  -- co is confirmed to report earnings Oct 30 before the open  Co also scheduled to present two times in November (all events outside Oct expiration).  * PTEN call activity is picking up again (second consecutive day).  Today, the Oct 34 calls are seeing interest (volume: 6150, open int: 610, implied vol: ~39%, prev day implied vol: 35%)   -- co is confirmed to report earnings Oct 23 before the open. * MMYT Nov 25 calls are seeing interest with the stock down 6% on the day (volume: 2700, open int: 50, implied vol: ~59%, prev day implied vol: 55%)  -- co is expected to report earnings late October. * TXRH Dec 30 calls (volume: 2740, open int: 550, implied vol: ~25%, prev day implied vol: 22%) -- co is expected to report earnings late October. * COF Oct 82.5 calls are seeing interest following Canada Costco news (volume: 2030, open int: 3830, implied vol: ~24%, prev day implied vol: 22%)  -- co is confirmed to report earnings Oct 16 after the close (reports monthly metrics Oct 15 before the open).

Bearish Put Activity:

* ARUN Oct 21 puts (volume: 2060, open int: 710, implied vol: ~41%, prev day implied vol: 38%)  -- co is expected to report earnings late November.