Dana Corporation (DAN) $7.10 -11.50%
Daniel Industries (DAN) fell 21 percent this week after the stock was caught up in a broader decline throughout the auto sector. On Friday, shares slid $1.06 to $6.96, but it seems that some players view the decline as an opportunity for some bullish trading in Toledo-based auto parts maker. Total volume in the options market rose to 10 times the usual, with 3,320 calls and just 10 puts trading on the day. Most of the action was in the September 7.5 calls, where open interest is 2,060 contracts and 85 percent of today’s 2,480 contracts traded on the offerside. Directional sentiment indicated by today’s total option volume in DAN is 85 percent bullish.
Category: All Stocks, Automobiles & Parts, Small 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.
