Coinstar (CSTR) is up $2.97 to $51.19 in active trading of 5.5 million shares after the New York Post ran a story suggesting the company is looking for a buyer — LINK to NY Post Story. Speaking at a conference, a company executive said he had no idea where the story came from (per Briefing). Still, shares are up and options on the stock are actively traded as well. 17,000 calls and 24,000 puts so far. Interestingly, Aug 50 puts, which are 2.3 percent OTM and expiring after tomorrow, are the most actives in CSTR today. 11,200 traded (66 percent Ask) vs. 1,593 in open interest. Some players are possibly taking positions on the view that today’s pop will be short-lived.
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.