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Sidewinder
A fast-paced review of equities and ETFs seeing notable price action and unusual option-trading activity with Chief Investment Strategist Jud Pyle.
Jud Pyle analyzes options volume in Amgen Inc. (AMGN) and Lowe’s Companies Inc. (LOW)
Amgen (AMGN) News: Amgen is basically unchanged at $62.12 today. Amgen will soon be summarizing data from the Biologic License Applications for Denosumab to prevent and treat postmenopausal osteoporosis, bone loss, and cancer. August and September 65 calls are both active today, with more than 8,500 contracts changing hands. The investor appears to be selling the August calls to buy later-dated September calls. People are paying about 70-75 cents for this rolled position.
AMGN: $62.12 down $0.0400 or 0.06% volume: 1.86 million shares
Aug09 65.00 Calls: volume over 9858, trading last: $0.70 bid: $0.71 ask: $0.76 OI: 42554
Sep09 65.00 Calls: volume over 8428, trading last: $1.44 bid: $1.45 ask: $2.36 OI: 4595
Straddle: Aug09 62.50 trading $3.9550 price over strike: 6.3280%
Prev. Day Straddle: Aug09 62.50 trading $3.9400 price over strike: 6.3040%
BuyWrite: Jan10 62.50 Calls Yielding 8.25% call: $5.13
Prev. Day BuyWrite: Jan10 62.50 Calls Yielding 8.45% call: $5.25
Lowe’s Companies Inc. (LOW) News: FBR Capital Markets downgraded LOW to “market perform” from “outperform” and lifted its target price to $24 from $23. The stock is basically unchanged, however, at $22.89. The big story in retail today is that Wal-Mart Stores (WMT) announced better-than-expected quarterly earnings. The August and September 18 calls have seen nearly 13,500 contracts each change hands. With August open interest nearly 15,000 and September open interest practically non-existent, it is likely that investors are rolling out their positions to a later month. Interestingly enough, it looks like this roll traded for even, with the August 18 call sold for $4.60 and the September call purchased for $4.60 as well.
LOW: $22.89 up $0.0400 or 0.18% volume: 3.19 million shares
Sep09 18.00 Calls: volume over 13486, trading last: $4.60 bid: $4.90 ask: $5.00 OI: 84
Aug09 18.00 Calls: volume over 13486, trading last: $4.60 bid: $4.70 ask: $5.00 OI: 14862
Straddle: Aug09 23.00 trading $1.4000 price over strike: 6.0870%
Prev. Day Straddle: Aug09 23.00 trading $1.4000 price over strike: 6.0870%
BuyWrite: Jan10 24.00 Calls Yielding 7.10% call: $1.63
Prev. Day BuyWrite: Jan10 24.00 Calls Yielding 7.10% call: $1.63
