SINA shares are rallying and options on the Chinese company are actively traded today on reports government officials are encouraging the use of Weibo and other microblogs for information disclosure. Weibo is Sina’s social networking service similar to a Twitter and Facebook. China Central Television apparently aired the story last night (unconfirmed). SINA is up $14.58 to $93.06 and near session highs. The five most actives in SINA are Weekly options that expire after tomorrow. 3,520 Weekly 90 puts changed hangs. Weekly 85 calls, 90 calls, 95 calls, and 85 puts are actively traded as well. 36,000 calls and 24,000 puts traded on the stock, which is 2.5X the daily average. Speculators are also active in the October 80 calls, 90 calls, 92.5 calls and 80 puts. The stock has already surged 37 percent off the 52-week lows seen Monday, but is still almost 37 percent below the highs seen in mid-April when shares fetched more than $147.
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.