Sprint (S) is down 15 cents to $4.66 and Feb 5 calls have seen interest in recent trade. A block of 6,238 contracts recently traded for $1. Bid-ask was 90 cents to $1 at the time and the trade is possibly a buyer opening a new position. Existing open interest is only 25 contracts and more than 10,000 have now traded. With shares down 15.3 percent since mid-June, the action seems to reflect hopes for a rebound during the next 2-3 quarters.
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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.