Range Resources (RRC) rallies to new 52-week highs today and is up $9.84 to $74.73. 16,000 calls and 4,860 puts traded in the name, which is 5X the daily average options volume. Oct 80 calls, which are 7.1 percent OTM and expiring in 30 days, are the most actives. 5,230 traded. Players are showing interest in Oct 70, 75, 80 calls as well. Speculative activity in RRC is being attributed to takeover chatter (Briefing). Range Resources was the subject of bullish trading Monday as well (see 9/19 color), in what now appears to be some well-timed buying of Oct 70 and 75 calls on the Fort Worth, TX independent oil and gas company.
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.