Options Update: Legg Mason (LM) & Sequenom (SQNM)
Legg Mason (LM)
LM 16K Call Trade As Shares Rally On Report Peltz Buying Shares
Legg Mason is recently up $2.40 to $24.45 on reports from the Telegraph that Nelson Peltz is looking to build a stake in LM.
LM is expected to report Q2 EPS in late January.
LM July option implied volatility of 66 is below its six month average of 87. LM call option volume of 16,812 contracts compares to put volume of 2,331 contracts.
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Sequenom (SQNM)
SQNM Volatility Elevated At 132
Sequenom is recently up $.36 to $3.98.
On April 29, SQNM announced data and test results related to its SEQureDX Down Syndrome test had been mishandled by employees. Revalidation studies of the Down Syndrome test are expected in late 2009.
SQNM call option volume of 6,384 contracts compares to put volume of 722 contracts.
SQNM June 4 straddle is priced at $1.05, August 4 straddle is pried at $1.85, September 4 straddle is priced at $2.25, December 4 straddle is priced at $3.05.
SQNM over all option implied volatility of 132 is above its 26-week average of 111, suggesting larger price movement.
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