Andrea Kramer (akramer@sir-inc.com) Since touching a new all-time high of $106.87 on Dec. 7, the shares of Panera Bread Company (PNRA) have given back about 4% to hover just south of $102. As such, it appears a handful of near-term call holders may be cashing in their chips for fear of a breach of $100.
So far today, the restaurateur has seen roughly 3,250 calls change hands ? more than 14 times its predicted daily call volume. Almost half of that volume has centered on the in-the-money January 100 call, which has seen more than 1,500 contracts traded. However, 98% of the century-strike calls have crossed the tape at the bid price, pointing to seller-initiated activity.
In the same vein, other options speculators have upped the bearish ante during the past couple of weeks. On the International Securities Exchange (ISE), PNRA currently sports a 10-day put/call volume ratio of 4.36, indicating that traders have bought to open more than four puts for every call on the equity. Furthermore, this ratio ranks in the 85th annual percentile, suggesting that traders on the ISE have rarely initiated bearish bets over bullish at a quicker step during the past year.
However, PNRA still has plenty of bullish fans on the Street ? at least among the brokerage bunch. According to Zacks, the stock boasts 11 "strong buy" ratings, compared to eight "holds" and not a single "sell" in sight.
At last check, the shares of PNRA have retreated 1.8% to explore the $101.80 neighborhood.
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