Wednesday, June 6, 2007

Options Screener

As you can see, I'm behind schedule today. Today's Option Screen includes some put activity. Normally I stay away from screening puts because it is just too hard to discern what's going on from a hedging standpoint vs all out bearish bet speculation. But with the market down today, I thought it might be useful to demonstrate what was happening on that side of the trade.

On the call side:

Apple (AAPL) has been an amazing performer, rising again today even as the broader market sank with folks stepping up to buy the Oct160 calls.

American Capital (ACAS) looks like a dividend capture with market maker to market maker volume

Integrated Device (IDTI) no news that I can find and only heavy volume in the July 55 strike.

Novastar (NFI) surged 11% on continued takeover speculation. I'm still long, but trimmed back today. Hat tip to my friend Howard for the mention on his blog today! For those who us who still remain long, let's hope we're not over staying our welcome in this one since NFI is more toxic than the rest in the space.

Progressive (PGR) another one that has been talked about in the rumor mill.

Netflix (NFLX) came on strong early in the morning on chatter Amazon (AMZN) might be interested.

Shuffle Master (SHFL) call options active, but after the bell earnings below ests, stock down > $1.

Sunoco (SUN) shares got hit hard today and options trading was very active in both puts and calls.

SPX calls and puts active today, no doubt direction bets, spreaders, hedgers, etc.

Ameritrade (AMTD) seeing heavy options activity as activists push for sale of company.

Nvidia (NVDA) rumor that Intel (INTC) might buy if you can believe that one.

On the Put side:

Champion Enterprises (CHB) no news but some large Jan08 put trades

EEM options active, especially on the put side as folks are no doubt wagering rougher times ahead for emerging markets.

GOOG options active as usual with the scanner picking up a swell in volume for the June 520 puts.

Neurochem (NRMX) options volume has be nothing short of intense on both puts and calls with phase3 alzheimer drug study results due before the end of the month. Apparently the crowd must be expecting something before expiration Friday June 15 as most of the volume remains concentrated in June calls.

And then on the put side a healthy dose, as you would expect on a down day, of speculation in MNX, SPX and MDY index options.

As usual, the above info is presented for informational purposes and not a recommendation for trading.

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