Bank of New York (BK) loses 38 cents to $21.78 and a Jun 25 – 26 call spread is bought on the stock for 14 cents, 5000X on ISE to open. The spread seems to be targeting a move beyond $25.14 through mid-June, a level not seen since August of last year. The company is due to present at a Citi Financial Services conference tomorrow and earnings will be reported in mid-April.
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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.