Midday Unusual Options Activity Update: STX, BP, SNDK, LOW, ALTR, CCL
Implied Volatility Movers And Unusual Volume Movers For Midday 10/21/2011
Implied Volatility Movers
Implied volatility in Seagate Technology (STX) is down sharply after the company reported earnings that exceeded expectations. Shares of the storage device maker rallied to their best levels since July and were recently up $2.50 to $14.56. Options volume in STX is running 8X the daily average, with 88,000 contracts traded on the stock so far. 68,000 calls and 20,000 puts so far. Meanwhile, implied volatility in STX options is down 23 percent to 56.5, now well off the 52-week high of 77 seen two days ago before the numbers were released.
Unusual Volume Movers
Seagate Technology (STX) options volume is running 8X the (22-day) average, with 87,000 contracts traded and call activity accounting for 77 percent of the volume.
BP options volume is 2.5X the average daily, with 79,000 contracts traded and put volume representing 51 percent of the activity.
Sandisk (SNDK) options volume is running 2X the average daily, with 60,000 contracts traded and call volume representing 69 percent of the total volume.
Increasing options activity is also being seen in Lowe's (LOW), Altera (ALTR), and Carnival Cruise (CCL).
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About Joseph Cusick
Joseph Cusick currently serves as the Senior Vice President of Education and a Senior Market Analyst for optionsXpress. Mr. Cusick seeks out common sense and technologically scalable educational pathways for self-directed investors of all experience levels. He is largely responsible for ramping up delivery of online and offline seminars to customers and potential clients worldwide. Prior to serving in his current role, Mr. Cusick immersed himself in the broker side of optionsXpress by managing his own book of business. Prior to joining optionsXpress, Mr. Cusick served as a market maker and portfolio manager at the Chicago Board of Options Exchange. Joseph is a graduate of Marquette University and holds his Series 4, 7 and 63 registrations with FINRA.
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