Arena Pharmaceuticals (ARNA) adds 7 cents to $1.88 and Jul 1.5 – 5 call spread is apparently sold on the stock at 55 cents, 5000X to open. Looks similar to a spread initiated in HGSI today (see 11:23 color) and might be a bet shares will fall below $1.5 through mid-July.
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.