Pfizer (PFE) and Merck (MRK) are giving the Dow a boost and options are actively traded in both pharmaceutical companies late Thursday. Pfizer (PFE) is up 9.5 percent after the co. announced that trials of its Sutent were stopped early after the treatment showed significant benefit in pancreatic islet cell tumor patients. PFE options volume is running at 2X the typical levels, with 114K contracts traded and 78 percent hitting on the call side of the options chain. MRK is up 8.4 percent and volume is running at 2X the normal, with 32K contracts traded and call volume representing 74 percent of the activity.
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Pfizer Inc (PFE) $14.02 +9.62%
Posted on March 12th, 2009 3:38 pm
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3 users commented on " Pfizer Inc (PFE) $14.02 +9.62% "
Follow-up comment rss or Leave a TrackbackBut the banks aren’t lending to each other in this horrible economy!
oh wait……
“Pfizer lines up 29 new lenders for Wyeth deal”
per MarketWatch
do
*disclaimer*, long back month calls….s=)
interesting. thanks. MRK seeing relative strength again today.
DRG AMEX index:
Hmmmm well I really hate to miss opportunity when it practically screamed last week with active call buying (wish I saw this index and option avail. last week), but oh well, might keep an eye on it next week to see if the strength can continue. In my wknd research I discovered DRG, the AMEX PHARMACEUTICAL INDEX (probably mimics the BBH ETF, but I’ll have to do some due diligence). I myself usually like trading index options a lil better than direct ETF calls as I can just let em go into expiry and not have to worry about owning anything and guess I’m just plain lazy, but to each his own.
Anyway, on the DRG index, YIKES, look at the calls off the back of PFE, MRK, SGP news last week!!!!!!! Quadruple WOW
Some big institutional players I guess?
http://whatstrading.com/index.php?s=.DRG
There were some BBH puts traded on Friday, so I guess it can go either way. Since the sector is overbought at this time I’m going to play cautious unless I can see another catalyst on the horizon. Maybe I’ll get some GSK calls or something.
Why does a Huey Lewis drug song keep going around in my head?
Oh, I guess that shows my age……..
Yikes I’m not only a geek, but an ole geek!
Well, Happy Weekend all and happy trading…..
Ray