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Notable trading occurred in the August contract which expires tomorrow afternoon. Frenzied options activity was observed since the opening bell this morning, and traders have currently exchanged more than 315,000 option contracts on the stock.
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The huge boost in value of the stock stems from news that AIG’s new CEO, Robert Bonmosche, revealed that he expects the firm will be able to repay bailout funds received from the U.S. Volatility on the AIG is currently soaring 26% higher to 138% amid a more than 27% rally in shares to $33.87. –ĪIG – The insurer appeared on our ‘top option implied volatility % gainers’ market scanner this morning amid higher investor uncertainty regarding the stock’s price. Options implied volatility continues to ameliorate at 85%, but shares still need to breach the $14.00 high of last week to attract more buying. The 15 strike expiring next month attracted buying in 5,500 contracts at prices up to 70 cents, while more optimistic investors paid premiums of up to 1.30 for December 17.5 strike calls. September and December call options pinpoint further gains in the stock over coming months. The liquidity constraint that the company faced thanks to the recession appears to be lifting shares, which rose 4.3% today to $13.29. Such a listing implies selling a minority interest in its Macau operations in order to raise a billion or two dollars according to one analyst. LVS – The casino operator continues to impress investors and an earlier announcement from the company that it had filed an application to possibly list on the Hong Kong Stock Exchange. Open the gushers above the 55 strike price. That would be enough to cushion any blow down to $49.85 should shares be put to him at expiration. The reversal play involved the sale of 6,500 deep in-the-money puts at the December 2010 55 strike price for a premium of 10.55 apiece, spread against the purchase of 6,500 calls at the same strike for 5.40 per contract leaving the investor pocketing a net credit of 5.15. It appears that this investor expects energy prices to be one-way traffic when the recovery finally arrives. Despite a dip in the share price to $45 around one month ago, resurgent woes over economic growth have failed to put a dent in the current price of the XLE at $50.82. A bullish reversal in the December 2010 contract indicates long-term optimism by option traders expecting the energy sector to appreciate over the next 16 months. XLE – If the price of crude oil is above $70 per barrel when so many investors are questioning the validity or at least the sustainability of the prevailing recovery, what then are the prospects for oil in 16 months time? One option trader appeared to trade in costly put options expiring in December 2010 in exchange for less expensive call options that would benefit from a rally in the energy sector. Additional call action was observed at the September 25 and 27 strikes which sandwich the central September 26 strike where the most call activity took place. Investors long the calls are hoping to see shares of HAL rise at least 9% to breach the breakeven price on the transaction at $26.40 by expiration. More than 4,200 of those calls were purchased for an average premium of 40 cents apiece. The September 26 strike price had more than 7,000 calls exchange hands this afternoon on previous existing open interest of just 425 contracts.
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HAL – The oil and gas company has enjoyed a more than 2.5% rally in shares to $24.27, prompting some traders to scoop up call options in the September contract.
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If the stock surges 31.5% higher than the current price, the trader will have realized maximum profits of 3.51 per contract for a total of $5,265,000. Shares must increase approximately 11% before the investor responsible for the trade breaks even at a price of $18.99. The net cost of the transaction amounts to 1.49 and allows for maximum potential profits of 3.51 per contract if the stock climbs to $22.50 by expiration. It appears that the trader has purchased 15,000 calls at the January 17.5 strike price for an average premium of 2.18 apiece spread against the sale of 15,000 calls at the higher January 22.5 strike for 69 cents each. A bull call spread established in the January 2010 contract today suggests that one investor expects the stock to rally by expiration next year. Today’s tickers: BAC, HAL, XLE, LVS, AIG, HD & AUXLīAC – Shares of BAC have gained 2% during the trading session to arrive at the current price of $17.10.