Shaw Group (SGR) $29.47 +2.75%
Shaw Group (SGR) is up 70 cents to $29.38 and 7,800 calls traded so far, or about 16X the expected for the first hour of trading. The activity is scattered across May calls with strike prices between 27 and 33. No news on the stock to explain the activity. Co. reported earnings on April 9.
Category: All Stocks, Construction & Materials, Mid 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.
RUMOR:
Shaw Group (SGR) saw a flurry of call buying across 6+ strikes in May on rumors that ABB Limited (ABB) is in late stage talks with a $44 per share offer for the company. Order flow was bullish was OTM call buyers paying the offer.
Interesting.
Thanks Cappy!