The two option leaders by a long shot today were AAPL and BAC.
- AAPL – Call to put ratio up to 1.65 on heavier than normal volume for the past month. The weekly 450 and 460 calls both traded more than 30k, as AAPL approached its 50 day ma around 465. AAPL has not traded above its 50 day ma since October.
- BAC – Stock opened more than 2% lower but closed flat. Call buying dominated, with one buyer of almost 30k of the Jan15 20 calls for 0.45 the most notable line.
- COP – Very interesting action for a normally quiet name. Buyer of more than 22k of the weekly 60 calls for around 0.21 this morning. Stock hasn’t traded above 60 since earnings on Jan 31st.
- BBY – Call to put ratio at 5.5, a sign of buying capitulation. The stock has almost doubled since January. The Apr 23 calls traded 20k, mostly around 0.61 and 0.58.
- LULU – Heavy put volume. Weekly 65 puts most active, trading 3,642, buyers initiating ahead of earnings. Stock guided lower after the close, trading down 6% to around 62 in the after-market.
- DELL – 20k of the Aug 14 calls traded throughout the day at an average price of 0.73, mostly buying. Blackstone indicated after the close that it was considering outbidding Silver Lake.
- FCX – 7500 May 32 puts traded on the bid and a minute later, May 34 calls 12,480 traded on the offer, likely a bullish risk reversal.
- JCP – JCP increased option volume. Stock closed up 6% on news from Oppenheimer that customers like their Joe Fresh stores. The largest trades have been in the Jan’15 10 puts trading 5,000 and 3,000 times at $2.35 which is closer to the offer. Open interest is sufficient.
- PCS – Almost 15k of the Apr 11 calls traded, buyers dominating. Stock has hugged the 10 level since November.
- CSCO – The Apr 22 calls and Apr 21 puts both traded around 14k.