Options Update: General Motors (GM) & Sun Microsystems (JAVA)
General Motors (GM)
GM Put Volume And Option Prices Elevated
General Motors is recently down $.33 to $2.37.
GM call option volume of 29,114 contracts compares to put volume of 66,481 contracts.
GM at the money April 2 straddle is priced at $.91, May 2 straddle is at $1.55, suggesting hedging for large price fluctuations.
Sun Microsystems (JAVA)
JAVA Calls Active On Elevated Volatility
Sun Microsystems is recently down $.01 to $7.23 on speculation that IBM is not interested in acquiring company. The WSJ reported on March 18 that IBM is likely to pay between $10 and $11 per share for JAVA.
JAVA call option volume of 7,052 contracts compares to put volume of 3,988 contracts.
AVA April option implied volatility is at 165, May is at 119, July is at 96. This is above its 26-week average of 81, suggesting larger near term price movement.
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