CBS (CBS) is up 61 cents to $6.96 after Soleil analysts upgraded the stock to Buy with a $9 price target. In the options market, early action is bullish, with increasing interest seen in May 7.5 calls. More than 3000 traded, 100 percent hitting ask-side.
MGM Mirage (MGM) shares were halted at $6.18 yesterday afternoon and have since rallied 50 percent to $9.30 on news Dubai World and CityCenter Lenders have agreed on the completion of CityCenter. (Link to story).Ãƒâ€šÃ‚Â In the options market, there seemed to be little anticipation of the good news, as volume was running at typical levels [...]
Las Vegas Sands (LVS) is up 71 cents to $7.69 and May puts at the $6 strike are seeing very heavy trading. 92,000 contracts traded, compared to open interest of 4,799. One investor bought 40000 contracts for 42 cents against a position of shares at $7.90 (19 delta). Another 4500 traded broker-to-broker for 35 cents. [...]
Chico’s (CHS), a Fort Myers, FL-based apparel retailer, is up 26 cents to $7.23 and options volume is running 6X the average daily. 10K calls and only 10 puts traded. Most of the volume appears to be due to one strategist, possibly selling 4700 May 7.5 calls to close and rolling to 2700 June 7.5 [...]
Boyd Gaming (BYD) is seeing unsual volume. Shares are up 63 cents to $8.65 and it looks like speculators are positioning for more upside, buying May 10 and June 12.5 calls. 9,800 calls traded total, compared to 525 puts.
Sears Holding (SHLD) lost 59 cents to $59.03 and options volume rose to 2X the normal levels. Most of the volume was due to a substantial put butterfly spread, where an investor sold 4000 June 45s and bought 2000 the 40s and 50s, paid 50 cents. Looking at today’s open interest data suggests that the [...]
JC Penney (JCP) puts were active Tuesday ahead of a presentation at a Retail Conference today (8:45 eastern time). Most of the activity was in the June contracts, where an investor apparently opened a substantial put “tree”, buying 2000 June 28 puts, selling 2000 June 25 puts, and selling another 2000 June 23 puts. The [...]
Overstock (OSTK)Overstock (OSTK) saw the June $10/$15 straddle sold 750 times yesterday. The net debit was $1.25 and this was an opening position. Since the company reported earings on April 22 IV has declined from 105% to 84% which is low end of 52 week range. Stock has traded between $11 and $13 for past [...]
Lowe’s (LOW) June 20 put/22 call strangle trades 2800 on AMEX this morning. Looks like a seller opening a new position, collects $2.20. LOW up 57 cents to $21.38.
Focus Media (FMCN) calls are being bought, even as the stock displays relative weakness Tuesday. FMCN is down 24 cents to $6.41 and is one of the biggest percentage losers in the NASDAQ 100. In the options, 5,300 calls traded, or about 9X (926 percent) the expected for the first 2 hours of trading. One-third [...]