Sprint (S) has added 3 cents to $2.75 in active trading of 44 million shares and a Jan2014 3 – 5 call spread trades on the stock for 43 cents, 77000X. The hefty trade is opening and doesn’t look tied to stock. The market was 36 to 45 cents at the time. So, it appears buyer-initiated and to be targeting a move to beyond $3.43 (or about 25 percent) through January 2014. The stock’s 52-week high of $5.75 dates back to July 7 of last year. Sprint announced prepaid Iphones with cheaper data plans today. The stock is up on the session and has added 9.6 percent on the week.
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.