Too Many Options: $MSFT, $GM, $NOK

by Enis April 22, 2013 7:41 pm • Commentary

Low volumes in both stock and options today, so fewer standout trades as well.

  1. MSFT – Stock was up 3.5% on its largest volume since Jan 2012.  A lot of May call buying, led by the May 31 calls, which traded more than 30k at an average price of $0.54.
  2. GM – Likely a seller to close of around 25k of the June 30 calls at 0.92.  GM has stalled near 30 resistance for the second time this year.  Stock reports earnings in early May.
  3. NOK – A small bounce of 2.5% after its earnings miss last week.  Implied vol moved lower a few points as the stock stabilized.
  4. PG – Large amount of May downside puts traded ahead of earnings tomorrow morning.  The May 70 and May 67.5 puts both traded over 20k, and implied vol moved more than 5 points higher.
  5. WMB – The May 36 puts traded around 20k at an average price of 0.40, looked like a seller to open.