Unusual Options Activity
Big Lots (BIG)- Roughly 1,200 July $47.50 calls were bought for $1.00-$1.20, against open interest of 1,690 contracts. Call activity was 6x the average daily volume. On May 4th, 1,600+ of these calls were bought on $2.05. Barclays upgraded them overweight from equal weight today with a $53 price target. Comps were +1.6% for Q1 last week.
Citigroup (C)- 12,000+ June 19 $55 calls were bought for $0.72-$0.77, against open interest of 40,017 contracts. They got an upgrade from Goldman Sachs yesterday to buy with a $61 price target.
Heron Therapeutics (HRTX)- A rollout from 2,500 Sep $17.50 calls ($6.80 credit) into 5,000 Sep $25 calls ($3.40 debit). Later in the day, there was another rollout from 1,250 Sep $17.50 calls ($6.35 credit) into 2,500 Sep $25 calls ($3.05 debit). Traders have been rolling call positions and buying calls prior to … Read More »