MGM Resorts International (MGM) $9.82 -0.71%
MGM is off 9 cents to $9.80 and the Jan $11 – 12.5 call spread on the casino operator sees interest in recent trade. One player bought 9850 for 19 cents each. 6000 more traded at 19 cents. The flow in the Jan $11 calls looks opening and the spread trading might be rolling out of Jan 12.5s — where volume is approaching 30,000 against 75,900 in open interest. MGM shares lost 5.8 percent on 11/3 after earnings were reported and have been grinding lower since that time. Today’s flow seems to reflect expectations for a rebound through the Jan 2012 expiration.
Category: All Stocks, Mid Cap Stocks, Travel & Leisure
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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.
