Tuesday, December 5, 2006
SSCC - Smurfit Stone Container
theflyonthewall.com is on a roll today with speculation that SSCC is a takeover target. What's interesting is that 1795 Dec10 SSCC calls have traded vs open interest of only 353. These calls are presently trading at bid $1.05, which is at theoretic value. Even more interesting is 1124 Dec12-1/2 calls have traded. Those calls are basically worthless, but, but are being bought up today. And looking through the entire Smurfit options chain, there is almost no put activity, but plenty of call speculation going on... not to mention that I get to nostalgically remember the Smurfs.