Mid-day Flow Summary: TEVA & Pin Candidates

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Teva Pharmaceutical  (TEVA)
A large diagonal roll traded on the ISE in TEVA early this afternoon, with more than 26,000 June 25 calls being sold to buy September 30 calls for a net credit of $4.40.

This roll lets the initiator take some profits from his long June 25 call position. These calls were bought in mid- February and early March at prices ranging from $10.60 to $13.40 while the stock was in the $35-37 area. The current stock price is $40. By rolling up the strike, this trader is looking to profit from continued price appreciation in the stock.

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Pin Candidates
An update on options with large open interest that expire Friday:

Symbol	Expiry	Strike	Put / Call	Spot	Distance	OI
ORCL	Jun7	19	Calls	$18.99	0.01	52439
ORCL	Jun7	19	Puts	$18.99	0.01	17382
MSFT	Jun7	30	Calls	$30.05	0.05	56610
MSFT	Jun7	30	Puts	$30.05	0.05	34330
BAC	Jun7	50	Calls	$49.93	0.07	49638
BAC	Jun7	50	Puts	$49.93	0.07	31652
GE	Jun7	37.5	Calls	$37.35	0.15	88653
GE	Jun7	37.5	Puts	$37.35	0.15	22373
YHOO	Jun7	27.5	Calls	$27.32	0.18	16741
YHOO	Jun7	27.5	Puts	$27.32	0.18	52712
CVS	Jun7	37.5	Calls	$37.27	0.23	46441
CVS	Jun7	37.5	Puts	$37.27	0.23	19758
WMT	Jun7	50	Calls	$49.50	0.5	79169
WMT	Jun7	50	Puts	$49.50	0.5	28879

Of these options, the Oracle June 19 calls are seeing some activity, with 5000 being purchased on the ISE for $.25. 

GE June 35 calls also active today. Most of the activity has been seller initiated, with nearly 4000 contracts changing hands so far today.

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