HESS loses 41 cents to $44.35 and an investor sells 1780 Nov 37.5 puts on the New York-based oil refiner at $2.29 to buy 1780 Nov 47.5 – 57.5 call spreads for $2.43. The three way, for a 14 cent debit, traded on the ISE. A customer sold the puts to buy the call spread, according to ISEE. The same package traded for 20 cents, 1186X on PHLX. 3500 traded today and the bullish action comes the day after a company executive was ousted due to allegations of fraud and ties to the Russian mafia. Nevertheless, the stock, which hit a 52-week low of $42.65 last Friday, is up 3.7 percent on the week and the three-way spread trading seems to reflect hopes for additional gains in the months ahead.
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.