Sprint (S) adds 21 cents to $4.83 on heavy turnover of 56.5 million shares on news a top merger and acquisition executive is leaving the company. Keith Cowan, President of Strategic Planning, is leaving the company on Sep 30 to pursue other interest. Shares are rallying to 52-week highs and options volume in Sprint through the first hour is about 35,000 calls and 8,400 puts. Aug 5 calls, which are now 3.5 percent OTM and expiring in 8 days, are the most actives. 4,529 traded. Weekly 5, Aug 4.5, Sep 5 and Nov 5s are the next most actives. Some investors appear to be taking positions in $5 calls in anticipation of additional upside in Sprint. The stock has already rallied more than 90 percent during the past three months.
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.