Silver Wheaton (SLW) is shining and options have seen a day of brisk trading ahead of the Vancouver, BC silver miner's earnings, due after the closing bell. Shares are up $2.13 to $35.08 and probably being helped by higher silver prices as well. The metal (December) is up 91 cents to $27.66. Meanwhile, 47,000 calls and 29,000 puts traded in SLW so far, which is 3X the averagre daily. Players are jockeying for position in the Nov 34, Nov 35, and Dec 35 calls as well as the Dec 32 and Dec 35 puts. Implied volatility is up 7.5 percent to 56 ahead of the news.
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Dryships Inc (DRYS) $4.82 +2.77%Dryships (DRYS) adds 16 cents to $4.85 and is in the midst of a three-day 15.5 percent run higher. Meanwhile, options volume includes 26,000 calls and 3,040 put options, or 3X the typical volume for early afternoon. The action is scattered aross Nov, Dec and Jan calls with strike prices ranging from 4 to 7.5. The action seems to include two-way (buying and selling) in DRYS today, as directional sentiment is 45 percent bullish and implied volatility is flat 59. But earnings come into play soon (expected Nov 10, but not date yet listed on company's event calendar.)
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CommScope Inc (CTV) $32.10 +2.07%Commscope (CTV) adds 68 cents to $32.13 and a recent options trade is a Dec 31 buy-write at 30 cents over, 500X. Looks like it has traded more than once today, as volume in the contract is now approaching 7000. Dec 32 calls are seeing interest as well. The increased activity comes after the Wall Street Journal reported that TPG Capital might make an offer for CTV that would exceed the one currently proposed by Carlyle Group. Implied volatility is flat at 13.5.
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MGM Resorts International (MGM) $12.61 +4.13%31,000 call options already traded in MGM Monday morning, which is about 10X the put volume so far. Shares have added 46 cents to $12.57 and Dec 14 calls are the most actives. 11,580 traded. Nov, Dec and Jan calls with strike prices ranging from 12 to 15 are seeing interest as well. Mad Money's Jim Cramer recommended MGM on the latest episode, saying "Las Vegas is Back" and noting that he has been on a roll in the sector after recommending WYNN and LVS.
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Las Vegas Sands Corp (LVS) $51.70 -0.60%Very aggressive selling in Las Vegas Sands (LVS) heading into the closing bell. Shares notched a new 52-week high this afternoon of $55.47 before coming under fire. The stock is now off 35 cents to $51.74 and 6.7 percent from its best levels. The aggressive selling might be a long-awaited round of profit-taking. Shares were in the midst of a 10-day 46 percent winning streak and bullish sentiment was boiling over. Today alone, 252,000 calls traded on the casino operator.
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Starbucks Corp (SBUX) $31.08 +4.47%Starbuck's (SBUX) adds $1.25 to $31 and 22,400 Nov 30 calls are sold at $1.21 per contract. This likely exits a position from last Friday when 20,755 traded at 47 cents (apparently a roll out of Nov 28 calls). Shares are up on earnings news today and have added 8.5 percent on the week. The investor is apparently looking for additional upside as well. A block of 23,000 Dec 32 calls were also bought-to-open at 71 cents today.
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Citigroup Inc (C) $4.47 +3.23%Very brisk trading in Citi (C) Friday morning. Shares add 15 cents to $4.48 amid a rally in the banking names and 831,000 options trade on Citi in a little over one hour, which is about 8X the norm. The action includes 612,000 calls and 220,000 puts. The top trade is a Dec 4 - Jan 4.5 call spread, sold at 23 cents, 60000X. It might be a roll out of the in-the-money Dec 4 calls and into a new bullish position in the out-of-the-money 4.5 calls. Another noteworthy trade is a Dec 4 straddle bought at 60 cents, 15000X, which is possibly a closing trade. Meanwhile, implied volatility in Citi is moving higher, up 2.5 percent to 36.5 today and about 22 percent since Wednesday. High options volume and increasing implied volatility seems to reflect expectations that Citi shares could begin to see wider price swings in the weeks ahead.
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JP Morgan Chase and Co (JPM) $39.28 +4.14%JP Morgan (JPM) shares see a late day surge on heavy volume, now up $1,50 to $39.22. Recent trades include a block of 8400 Jun 45 alls at $1.42 and 5000 Nov 43 calls at a nickel. 125K calls and 77K puts now traded on the bank. \n
\nApparently, the euphoria is related to a Dow Jones story that regulators might soon allow strong banks to raise dividends -- if they meet certain requirements. Headline reads:\n
\n"Bank Stocks Steepen Gains As Fed Allows Dividend Increases", Dow Jones.
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Potash Corp (POT) $141.12 -3.01%Potash (POT) is off $4.23 to $141.27 and options are actively traded after Canadian regulators blocked BHP's bid for the fertilizer maker. Shares sank on the news late yesterday. Today, 135K calls and 100K puts traded in Potash so far. While November 135 and 140 puts are the most actives, a recent trade seems to reflect hopes for a rebound between now and mid-December, as one strategist bought the December 150 - 160 call spread at $1.95, 15000X on CBOE.
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Qualcomm Inc (QCOM) $48.31 +5.73%Qualcomm (QCOM) gapped at the open and is up $2.69 to $48.38 after reporting a fiscal fourth quarter profit of 68 cents, which beat Street estimates by 9 cents. The chipmaker also reaised guidance for the first quarter and 2011. Shares are up and recent options trades include a Jan 44 - 52.5 risk-reversal, at 20 cents, 12500X on PHLX. We're being told the investor bought puts and sold calls, in an opening trade tied to 550K shares are $48.45. Separately, an investor apparently bought the Dec 47 - 50 strangle at $1.96, 6080X, which also looks opening.
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