Consolidated Edison (ED) is up 3 cents to $39.92 and a block of 1845 Sep 40 puts for 40 cents on the ISE was an opening customer buyer, according to sentiment data. 2051 contracts now traded.

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RRI Energy (RRI) is down a dime to $6.05 and 15K Jan10 calls at the 7.5 strike traded. The action includes 10K bought for 50 cents and appears to be a new position. Existing interest is 1,869. No headlines on (register to read more …) [...]

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A large combination traded in Mirant calls today, lifting total option volume to 43x normal levels for the product. Bulk of the volume was a 3-way on the PHLX crossed (register to read more …) [...]

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Bearish trading surfaced in American Electric Power (AEP) Wednesday. Shares fell 52 cents to $29.72 and most of the action was in the August 27.5 puts. The top trade was (register to read more …) [...]

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Mirant (MIR) July 15/Sep 12.5 calls spread trades 10000X today for about $2.70. It looks like a position adjustment. If so, it probably closes out a position in the July 15 calls opened on June 9 when an investor sold (register to read more …) [...]

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A massive put spread was opened on NRG Thursday. Shares finished the day up 1.6 percent to $23.81 and the focus was on the front-month. To be specific, 50,000 July 22.5 puts were bought-to-open for an average of 72.5 cents (register to read more …) [...]

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Giant Interactive (GA), a Chinese-based Internet gaming company, is down 37 cents, but sentiment in the options market seems bullish Monday. Volume is running 8X the average daily levels, with buyers of Oct 10 calls leading the flow. 4,000 now (register to read more …) [...]

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First Energy (FE) is down $4.59 to $35.75 and puts are active after Jefferies and Barclays both downgraded the stock today. Barclay’s lowered the stock to Equal Weight from Overweight, and lowered price target to $44 from $53. Jefferies downgraded (register to read more …) [...]

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Mirant (MIR) calls are actively traded ahead of a May 8 earnings release. Shares of the utility company are unchanged at $14.65 and most of the focus is in Jun 17.5 calls, with 2,282 and about two-thirds hitting ask-side. Existing (register to read more …) [...]

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Entergy (ETR) put volume spiked to 56x recent avg as a client sold the Jan ‘11 20/60 1×3 put spd 1700x for a net credit of $8.50. Likely closes part of a long-put position at the 60 strike bought in (register to read more …) [...]

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