Level 3 Communications Inc (LVLT) $3.50 +10.00%
Level 3 (LVLT) is seeing action for a second day. Yesterday, most of the activity appeared to be buying of puts with the 2.5 strike with expirations raning from June to January. Today, however, the stock is up 31 cents to $3.46 after Wachovia Capital Markets upgraded the stock to Market Perform from Underperform, after meetings with management. Level 3 has begun to, quote, right the ship, end quote. In the options market, total volume is running six times normal, with 34,000 calls and 19,000 put options trading on the day. Most of the activity is in the January 5 calls, January 7.5 calls, and January 5 put options.
Category: All Stocks, Fixed Line Telecommunications, Mid Cap Stocks
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About the Author (Author Profile)
Frederic Ruffy is a well-known trader, writer, and strategist who has spent years educating investors and creating intelligent, insightful, unbiased market observations that are frequently cited by the Wall Street Journal and other financial publications. As senior analyst, Fred provides frequent and regular notes and daily updates for activity of interest.
