HSBC (HBC) gains $1.30 to $53.76 after Citi upgraded shares of the British bank to Buy from Hold. Options action is picking up as well. The top trade is 3500 Jun 57.5 calls at $1.62 when the market was $1.58 to $1.63. Looks like an opening buyer. 6,000 now traded vs. 1,133 in open interest. Jan 52.5 calls and Jun 47.5 puts are seeing interest as well. Implied volatility is not much changed around 23 percent.
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.