AK Steel (AKS) adds 20 cents to $5.49 after Deutsche Bank maintained the stock as a Hold and lowered its price target to $7.50 from $9.50. Call options on the steelmaker are busy again today. 7,820 calls and 425 puts traded on the stock so far. The flow has been in smaller lots and includes a multi-exchange sweep of 1,115 July 6 calls for 17 cents when the market was 16 to 17 cents. ISEE is indicating an opening buyer. 5,534 now traded. July 5 calls are the second most actives after 1,920 changed hands. 30-day ATM vols in AKS are up 3.5 percent to 67.5, as speculators appear to be positioning for a rebound in shares, which are down 35.6 percent in a little more than three months. The stock was the subject of bullish order flow last week as well (6/20 color). No news on the stock. Earnings are due out on 7/24, which is after the July expiration.
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.