Options Update: General Motors (GMGMQ) & Patriot Coal (PCX)
General Motors (GMGMQ)
GMGMQ Options Active On Recent Rally After Bankruptcy
General Motors-GMGMQ closed at $1.50. GMGMQ option volume has been active after filing for bankruptcy on June 1.
GM at the money June 1 straddle is priced at $.67, July 1 straddle is priced at $.88, December 1 straddle is at $1.26, suggesting large price movement.
Patriot Coal (PCX)
PCX June Volatility At 115 On Higher Energy Prices
Patriot Coal-PCX closed at $8.79.
PCX June option implied volatility is at 116, July is at 105. This is near its 26-week average of 115, suggesting non-directional near term price movement.
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