Bullish Activity Picks up in PWR
Options Activity in Quanta Services (PWR), a contracting services company, rose to 5 times the typical levels Friday, when nearly 10,000 calls and 460 puts traded. January 17.5 calls, which expired over the weekend, were active after 2,500 traded. It appears that a player closed the position (possibly opened on 12/3) and rolled into 2,500 Feb 20/22.5 call spreads. In sum, the trading activity appears to be profit-taking in the January 17.5 calls along with positioning for continued strength in PWR with the February 20/22.5 call spread. PWR closed at $20.61.
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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.
