Legg Mason (LM) shares are up and options are active after the invesment firm announced changes to its debt repayment and covenants late Wednesday. Co says it has amended agreements that now allow it to sell $49 mln in SIVs that have remained on balance sheet. LM is up $1.91 to $18.31 and options volume is running at 2X the normal levels, with active trading seen in April 20, April 17.5, and May 22.5 calls. 9,900 calls and 3,260 puts traded so far.
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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.