2015-04-15 Unusual Options Activity (CONN) (SONS)

Posted on April 15th, by Mitchell Warren in Free Articles, Options Risk Management, Smart Money Report, Unusual Options Activity. Comments Off on 2015-04-15 Unusual Options Activity (CONN) (SONS)

Unusual Options Activity

  1. Conn’s (CONN)- The July $40/$45 bull call spread was put on 2,500 times for a $1.25 debit. On March 27th, Piper Jaffray upgraded the stock to overweight from neutral and on April 3rd, B. Riley kept their buy rating and a $52 price target.
  2. DICK’S Sporting Goods (DKS)- The Jan 2016 $52.50/$60 bull risk reversal was put on 4,600 times for a $0.73 debit. Yesterday, the company forecast that sales would hit $9B annually by 2017. The stock is coming in for a retest of the 50-day EMA.
  3. Freeport McMoRan (FCX)- 7,500 Aug $16 puts were purchased for $0.65, against open interest of 4,176 contracts. The May 15 $15 and Jan 2016 $20 puts have saw big buying recently (unlocked Options Report from March 16th). Earnings are due out on April 23rd.
  4. Market Vectors Gold Miners ETF (GDX)- 10,000 May 1 weekly $20 calls were bought for $0.42-$0.46. In recent weeks the gold miners ETF has been putting in higher lows and is now nearing a breakout above $20. The five largest components of the ETF are Goldcorp, Barrick Gold, Newmont Mining, Newcrest Mining, and Agnico Eagle Mines.
  5. Sonus Networks (SONS)- 30,000+ May $7 puts were sold for $0.22-$0.30. On average just 141 puts trade per day and total put open interest was 5,583 contracts prior to this action. The trader is calling the bottom at $7 (likely sees it above there). Earnings are due out on April 22nd.
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