Facebook (FB) adds 85 cents to $32.69 in brisk trading of 5.2 million shares and 40,000 options contracts already traded on the social media company after the stock was initiated with a Buy at Nomura Securities. Recent trades include sweeps of Weekly (6/29) 35 calls for 20 cents per contract and possibly players taking positions in anticipation of a move beyond $35 next week. Weekly 33 calls, whicih expire after today, are also busy. Meanwhile, the top trades were part of a July 30 – Aug 37 call spread, apparently bought for $2.15, 4850X on AMEX and possibly rolling a position (buy to close Jul, sell to open Aug ) of in-the-money calls to out-of-the-moneys after the stock’s 27.3 percent rally since June 5.
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.