Leap Wireless (LEAP) shares are up 31 cents to $17.21 and have now risen an impressive 20.7 percent so far this week. After falling 16 percent on earnings news last Friday, the stock benefited from a Deutsche Bank research note Tuesday. The analysts raised their price target to $16 from $14 and also raised rival MetroPCS (PCS) to Buy from Hold. In the options today, a noteworthy spread traded after an investor apparently paid a 46-cent net debit to buy the May – Jun 19 call spread, 10100X on PHLX. Looks like a position adjustment and closing out a losing position in May 19s opened on April 14 and 15 when shares were around $18.
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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.