Unusual Options Activity
Agilent Technologies (A)- The July $37.50/$42.50 bull risk reversal was put on 3,000 times for a $0.01 debit. On May 28th, the board of directors authorized a $1.14B share repurchase program that will run through 2018 (currently using $365M that is left from an existing plan).
DSW Inc (DSW)- 5,000 July $35 calls were sold for $1.00-$1.14, against open interest of 8,327 contracts. There was big buying in these calls on May 28th. However, the stock failed to make a move above resistance at the 50-day EMA.
Fairway Group (FWM)- 2,000 Dec $4 puts were bought for $0.95. Put activity was 5x the average daily volume. Major support is around the $2.50 level. On May 26th, they reported their 6th straight quarterly sales decline; gross margins shrunk 20 basis points to 32.2%.
Kroger (KR)- Large June and July call/put selling ahead … Read More »
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Unusual Options Activity
BGC Partners (BGCP)- Another 2,500+ Aug $10 calls were sold for $0.25, against open interest of 23,553 contracts. There was selling in these yesterday. On May 6th, roughly 10,000 of these calls were sold as well. The large trader who built up this position in late 2014/early 2015 appears to be in the process of closing it out.
Bank of New York Mellon (BK)- A rollout from 2,500 June 19 $42 calls ($1.72 credit) into 1,700 July $44 calls ($1.00 debit) and 1,700 July $45 calls ($0.65 debit). The $49B global investments firm hit a new high early this morning.
DSW Inc (DSW)- 1,500 July $35 calls were purchased for $2.20-$2.45. Call activity was 4x the average daily volume. Q1 results are due out on May 27th (shares have moved higher after earnings on 3 consecutive reports). This morning, Sterne … Read More »
Smart Money Report
CCI- A rollout from 2,500 Mar. $75 calls (credit) into 2,500 Apr. $75 calls (debit). Volume was above the open interest in the Apr. $75 calls. (CCI) trades at a forward PEG ratio of 1.24x (2015 estimates), 15.6% revenue growth this year, and it has an average analyst price target of $89.50.
DSW- 2k Apr. $42.50 calls were sold for $0.50 each, against open interest of 1,710 contracts. Earnings are due out tomorrow morning.
IPXL- A rollout from 750 Mar. $30 calls (credit) into 750 Apr. $30 calls (debit). Volume was above the open interest in the Apr. $30 calls. (IPXL) typically trades 144 calls per day.
MU- A rollout from 10,500 Apr. $24 puts (credit) into 10,500 July $24 puts (debit). Volume was above the open interest in the July $24 puts. Earnings are due out on 4/3.
AAPL- Apple shares … Read More »