Thursday July 2, 09:56 PM
STOCKS NEWS US-Player snaps up Leap upside call options
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1638 ET 02July2009-Option player takes bullish stance in Leap
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One player is leaping into bullish position in Leap Wireless Inc
before the weekend bucking the more than 4 percent drop in the wireless carrier
shares. The stock was at $29.18 at the close. Sentiment in the options market
is decidedly more bullish. Total volume was 9 times the norm with about 13,000
calls traded vs. 1,403 puts, according to Trade Alert. One player bought 6,500
August $35 calls for a premium of 85 cents per contract, according to a contact
on the old Philadelphia Stock Exchange, said WhatsTrading.com option strategist
Frederic Ruffy.
The stock's option implied volatility was at 57.5 percent from about 53
percent the previous session, he said.
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