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Jud Pyle reviews American Express Company (AXP) and Boston Scientific Corporation (BSX).
Jud Pyle is the Chief Investment Strategist for Options News Network. After four years with SBC Warburg, he joined PEAK6 Investments as an equity options trader and chief risk officer.
Put Buying on American Express (AXP) and Boston Scientific Corp. (BSX)
July 2, 2009
Jud Pyle, CFA Chief Investment Strategist, www.ONN.tv
The second installment of Thursday’s "Sidewinders: Option Volume vs. Open Interest" series, shot on location at the Chicago Board Options Exchange (CBOE), looks at the latest option activity in American Express (AXP) and Boston Scientific Corp. (BSX).
American Express (AXP)
AXP has dropped 2.4% today amid a declining broader market. Options traders have zeroed in on the August 23 put, where volume of 7,500 has traded already today on open interest of just 584 contracts. The contracts are going off around $2.03 each, up from $1.80 last night. Most of these are trading on the buy side with the stock in the red. AXP earnings are due July 23 after the market closes.
American Express News: The jobless claims numbers – wider than expected – are not helping the financial space or the broader market today. No specific news on AXP.
Boston Scientific Corp. (BSX)
The July 10 puts have seen more than 5,000 contracts cross the tape today on open interest of 1,327. The stock is down about 1%. This is likely a put buyer as well.
Boston Scientific News: Earnings are expected on July 20 – two weeks from Monday. There has not been any specific news on BSX today.
For more breaking developments in the options market, stay tuned in to www.ONN.tv. Thanks for watching!
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