Big prints in US Airways (LCC). Shares hit 52-week high and are up 77 cents to $9.41 amid relative strength in the airlines after BofA/Merrill reininstated LCC, UAUA/CAL, ALK, and LUV with Buy ratings. In LCC options, recent trades include a June 10 – 11 call spread apparently sold at 21 cents (28900X25900), which appears to be a roll of a bullish position opened in late May. Open interest in the June 10s is 30K and the contract traded at 23 cents, 25700X on May 26. Also traded today: a block of 21450 Jul 12 calls traded at the 32-cent asking price. It might be the same player — selling to close the June 10s at a 22-cent per contract profit, and then buying to open new positions in Jun 11s and Jul 12 calls.
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.