Tesoro (TSO, news, chart) July calls are seeing heavy trading for the second time in three trading sessions. On Friday, the July 25 calls saw active trading on market chatter that Sunoco (SUN) might be looking at TSO. Today, volume in the July 22.5s is off the charts, as 37,800 contracts have traded, with nearly three quarters hitting ask side. Open interest is half that, indicating opening trades. Shares are down 20 cents to $20.53.
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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.