Sprint Nextel Corporation (S) $2.81 +0.72%
Sprint (S) sees a modest spike and is up 5 cents to $2.84 midday after David Einhorn apparently made positive comments about the company at a value investing conference (Briefing). Overall options volume in Sprint so far is 22,000 contracts, which is much lighter than usual. However, the action is lopsided, as 17,000 calls and 4,660 puts traded on the stock. Recent trades include multi-exchange sweeps of Oct 3 calls at 8 and 9 cents. 11,275 now traded (74% Ask), as some investors seem to be looking for a rally beyond $3 in Sprint shares before the expiration, which represents a 6 percent jump over the next four days. The stock, which fell to 52-week lows of $2.22 a week ago, is already on a five-day 27 percent run higher. The company reported its best ever one day sales Friday on strong sales of iPhone 4s and iPhone 4.
Category: All Stocks, Mid Cap Stocks, Mobile Telecommunications
Free Newsletter
If you enjoyed this article, sign up to receive more just like it.
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.
