Best Buy (BBY) gains 74 cents to $15.69 in active trading of 7 million shares and the relative strength is attributed to a Star Tribune article (LINK) that noted Richard Shulze is in a better position to buy the electronics retailer after the recent decline in the share price. The company co-founder had previously expressed interest in Best Buy at $24 to $26 per share. Options volume in BBY is running 2.5X the daily average. About 37,000 calls and 19,000 puts so far. December 16 – 19 call spread is seeing some interest, including 1000 for $1 even. Looks like a buyer initiated the position. Both the Dec 16s and 19s now traded more than 6,000X, making them the most actives in BBY today.
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.