Too Many Options: $CSCO, $MT, $FCX, $JCP, $XLI

by Enis July 23, 2013 7:55 pm • Commentary

Light overall single stock options volumes, even in the heart of earnings season.

  1. CSCO – Almost 45k of the Aug 27 calls traded at an average price of $0.32, likely to close.  The company reports earnings on August 14th.
  2. MT – Trader rolled up 13k of the August 12 / 13 call spread (purchased last week around 0.37) to the August 13 / 14 call spread (sold the Aug 12/13/14 call fly for about $0.35 –  covering most of the initial cost of the trade, and leaving the Aug 13/14 call spread on)
  3. FCX – The Aug 29/30 call spread to close traded about 20k times this morning.  Stock was up 3% on earnings.
  4. JCP – Seller of about 17k of the Aug 15 puts, likely to open, this morning, at an average price of $0.35.  Earnings in early August.
  5. XLI – Trader bought 40k of the August 46 calls for about 0.38 average price this morning.  XLI broke out to a new all-time high above 44.70 last week.