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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.
Kevin Cook discusses unusual options activity in Myriad Genetics Inc. (MYGN) and Human Genome Sciences Inc. (HGSI).
Myriad Genetics (MYGN) News: Canaccord upgraded MYGN to a “buy” from “hold,” and JP Morgan Chase maintains its bullish stance on the stock. The January 2010 30 call buy-write strategy – buying the stock and selling an upside call – is currently priced at $3.25 and yielding 11.1%. The stock is currently gapping up 13.25% to $29.31.
MYGN: $29.31 up $3.4300 or 13.25% volume: 2.60 million shares
Straddle: Sep09 30.00 trading $3.1000 price over strike: 10.3333%
Prev. Day Straddle: Sep09 25.00 trading $3.7000 price over strike: 14.8000%
BuyWrite: Jan10 30.00 Calls Yielding 11.09% call: $3.25
Prev. Day BuyWrite: Jan10 30.00 Calls Yielding 6.06% call: $1.77
Human Genome Sciences (HGSI) News: Amid continued takeover rumors, Human Genome Sciences is up 15.6% today to $22.20. This is still well below the rumored $30 takeover bid from GlaxoSmithKline. The September 25 calls have seen about 4,500 contracts cross the tape this morning versus open interest of 7,073.
HGSI: $22.20 up $2.9940 or 15.59% volume: 8.74 million shares
Straddle: Sep09 22.50 trading $6.1750 price over strike: 27.4444%
Prev. Day Straddle: Sep09 19.00 trading $4.2250 price over strike: 22.2368%
BuyWrite: Jan10 22.50 Calls Yielding 25.00% call: $5.55
Prev. Day BuyWrite: Jan10 20.00 Calls Yielding 22.52% call: $5.00
