Vivus Pharmaceuticals (VVUS) drops $3.31 to $11.64 in very active trading of 16 million shares after the biotech reported a wider-than-expected third quarter loss. Options on the stock are very busy as well. 47,000 calls and 18,000 puts so far. One player seems to be taking a contrary view of the situation and bought a VVUS Mar 13 – 20 call sprad for $1.15, 8735X, to open. Looks like more than 10,000 traded on the day.
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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.