Alcoa (AA) traded 43,000 calls and 15,000 puts Wednesday, 1.2X average call volume, but with every large block trading at the offer, aggressively bullish plays. Shares quietly gained 6.6% on the day and IV rose 2%. Most of the action was short term buyers of December $14 calls, as shares broke out of a triangle on 49.4M shares, nearly twice the prior day. There has not been a lot of coverage of Alcoa lately, and it could be ripe for an upgrade.
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