CBS Corp. (CBS) is seeing 24 times its normal trading volume on large straddle buys. On the ISE, an order of 9,900 CBS Jan 20 calls traded on the offer, or $3.20 a contract. A similar order (9,850 contracts) of January 20 puts also traded on the offer, or $1.45 a contract. With shares up a penny to $21.75, the activity seems to be straddle buying with a bullish bias. No news. Next earnings due out late July.
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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.