July calls on Schlumberger (SLB, news, chart) are seeing action. The oil services giant is the “most popular drilling services company [among professional investors] with 236 investment firms counting the stock among their top holdings,” according to a report from tickerspy published yesterday. SLB announced last Friday that it will report earnings on July 18, also the last day to trade July 2008 puts and calls. Some traders seem to be positioning for further gains in shares of Schlumberger between now and then. A total of 13,000 SLB calls have traded on the day, compared to 2,438 puts. With shares up $1.51 to $102.38, most of the action is in the July 105, 110, and 115 calls, with roughly half of today’s trade hitting on the offer side. Overall sentiment based on today’s total order flow is 53 percent bullish.
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.