Too Many Options: PFE, MU, JASO, FITB, AKAM, BK

by Enis May 5, 2014 6:02 am • Commentary

Single stock options volumes were once again anemic on Friday, as most large options volume was concentrated in macro ETFs.  Some of the single stock standouts:

1.  PFE – Pfizer has given up all of its gains since the Astra-Zeneca announcement, falling to near its 200 day moving average, now around $30.45.  Calls still traded nearly twice as many times as puts on Friday, though the June 29 puts were the most active, with a buyer of 20k for 0.44 midday.

2.  MU – MU made a new high on Thursday, and is still up 21% on the year so far.  Calls were active on Friday, with the July 24 calls trading over 17k at an average price of 3.64.  The May 17th 27 calls and the July 31 calls also both traded over 10k on the day.

3.  JASO – Put buying was very active in this solar name, with the May 11 puts the most active line.  Buyer of 16,500 of the May17th 11 puts to open for 1.40 midday.  JASO closed just above its 200 day moving average, which is around $9.70.  JASO has not traded below that in more than a year.  JASO reports earnings before the open on May 8th.

4.  FITB – The June 20 calls traded over 13k at an average price of 1.03 on the day, mostly buyers initiating.  FITB also bounced off its 200 day ma on Friday, a level it has not breaches since December 2012.  Next support below $20 is around $17.50.

5.  AKAM – Stock ended the week nearly flat after its earnings report on Thursday.  AKAM reversed hard intraday on Friday, though it is still up 13% year-to-date.  The May17th 55 calls were the most active line on Friday, trading over 13k at an average price of $1.06.

6.  BK – Rarely traded options, but there was a buyer of about 7k of the Sept 35 calls for 1.32 around noon.  BK’s high of the year (and 5 year high ) is $35.88, set in March.