Mid-day Flow Summary
Nuvelo (NUVO) were calls very active this morning. The stock is part of a biotech conference taking place tomorrow. It ran up over a dollar yesterday to $5.50. This morning the stock continued to climb, rising another $.70 to $6.38 in the first few minutes of trading before beginning to reverse. Yesterday saw 5000 April 5 Calls trade at prices from 20 cents to $1.25 and today it appears that the buyer may be unwinding his position. 5000 of these same calls traded this morning from $2.15 down to 90 cents.
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Chesapeake Energy (CHK)
There was notable trading in Chesapeake Energy (CHK) long term options today. The stock is near $33 and the Jan 2009 40 Calls have traded nearly 8700 contracts. All of these contracts traded on the offer and in greater volume than the current open interest on the strike, suggesting that the buyer is establishing a new position.
General Electric (GE)
General Electric (GE) has the most active single stock option of the day, with 28,000 January 2009 40 Calls on the tape. With 74% of the volume trading offer-side, the flow appears buyer initiated. Earnings are expected Friday before the open.GE contract history shows that much of the 115,000 contract open interest for the strike was buyer initiated in trading last December
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