ConAgra Foods Inc (CAG) $22.19 +0.59%
Bullish sentiment is elevated in Conagra (CAG, news, chart). Total volume in the options market is running three times the usual and shares are up 8 cents to $22.14 the day after the company announced a new licensing agreement with Procter & Gamble (PG). The deal provides CAG with access to ingredients and packaging capabilities. Financial terms were not disclosed. The stock has been trading in a narrow range over the past year, with a 52-week high of $27.45 in July of last year and a 52-week low of $20.85 on Jan. 23. Some players seem to be taking positions on the view that CAG might continue to move higher off its recent low. 1,575 of the July 22.5 calls have traded, with 96 percent on the offer. Another 1,200 of the September 25 calls traded on the offer. Sentiment based on today’s total order flow in CAG options is 87 percent bullish.
Category: All Stocks, Food & Beverage, Large 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.
