Plains Exploration (PXP) notches a new 52-week high and is trading up 58 cents to $36.36 midday Wednesday. Options action includes 11,000 calls and 1,445 puts traded, with plain call buying seen in Feb 34, 36, 37, 38 and 40s. Implied volatility is up 5 percent to 41.5 amid renewed takeover chatter — Fly on the Wall.
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.