Boyd Gaming (BYD) adds another 50 cents to $7.60 and continues the gains from yesterday, which were sparked by the prospect of online gaming being legalized in New Jersey. Although Governor Christie vetoed the bill, he called for only minor changes and that means it could be passed within the next few months — Reuters (LINK). In options action, a noteworthy spread trades in BYD after an investor apparently sold 11000 Feb 8 calls on the stock to buy 9000 Mar 8 calls for 42 cents. The spread appears to be a roll out from Feb to Mar on hopes for further gains in the stock over the next five weeks. 23,000 calls and 330 puts traded in BYD so far.
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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.