Gap Inc (GPS) $23.64 -0.30%
Gap Stores (GPS) loses 6 cents to $23.65 and a Mar 25 – Jun 23 call spread is sold on the stock at $1.66, 6000X. Open interest in the Jun 23s is 10,951 and the second largest in GPS. The spread might sell-to-close a position, as the contract is 65 cents in-the-money, and roll to the March 25s, which are apparently being bought-to-open today. Volume is apporaching 8,000 contracts and also includes a recent multi-exchange sweep of 1500 contracts at the 16-cent asking price. March 25 calls on Gap Stores are 5.7 percent OTM and epxiring in 16 days. Today’s buyers might be looking for a pop in the stock tomorrow when the apparel retailer releases February monthly same store sales results. The stock jumped 10.6 percent on Feb 2 when numbers were last released and have added another 9.8 percent since that time. GPS touched a 52-week high Tuesday.
Category: All Stocks, Large Cap Stocks, Retail
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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.
